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What are the journal entries

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Reference no: EM132782181

On January 20X4, entity purchased a patent from another entity for P750,000. The patent's carrying amount in the books of the other entity was P1,200,000. The estimated useful life of the patent is 10 years.

  • On January 1, 20X5, entity estimates that the remaining useful life of the patent is only five years. This revision in estimate was made due to significant changes in technology affecting the patent rights.
  • It is the entity's policy to take one-half year amortization in the year of acquisition and one-half year amortization in the year of disposal.

Problem 1: What are the journal entries in 20X5?

Reference no: EM132782181

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