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What is the adjusted carrying value of the patent as of dec

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Problem 1: Shanks Corporation provided to you its patents with a carrying amount of P550,000 before amortization as of December 31, 2020. These patents were acquired on January 1, 20126 years after their registration; thus, these patents were amortized over their remaining legal life from the date of purchase. Repairs cost made to equipment covered by the patent with a cost of P75,000 which were debited to the account on January 2017. Amortization from 2017 to 2019 included amortization on the repairs for the remaining life of the relevant patent. It is determined that the P75,000 should have been expensed in 2017. Furthermore, on December 31, 2020, before amortization, it was determined that one of the patents has a remaining life of only 2 years from the start of the current year. This patent had an original cost of P210,000 . What is the adjusted carrying value of the patent as of December 31, 2020?

Reference no: EM132774662

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