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What are the journal entries to record the transactions

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On January 1, 20X1, entity spent P196,000 to apply for and obtain a patent on a newly developed product. The patent had an estimated useful life of 10 years. At the beginning of 20X3, the entity spent P28,000 in successfully prosecuting an attempted infringement of the patent.

  • At the beginning of 20X6, the entity purchased for P60,000 a patent that was expected to prolong the life of its original patent by five years. On July 1, 20X9, a competitor obtained rights to a patent which made the entity's patent obsolete.

Problem 1: What are the journal entries to record the transactions relative to the patents from 20X1 to 20X9?

Reference no: EM132782183

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