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What is the carrying amount of the patent on December

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Question - On January 1, 2017, Cecilia Company purchased a patent from an original patentee for P2,400,000. The remaining legal life of the patent is 15 years but the useful life is only 12 years. On January 1, 2018, the entity paid P550,000 in successfully defending the patent in an infringement suit filed against the entity. On January 1, 2019, the entity acquired a competing patent for P1,500,000. The competing patent has a remaining legal life of 15 years but it is not to be used because it was intended to protect the original patent. What is the carrying amount of the patent on December 31, 2019?

A. 3,150,000

B. 3,600,000

C. 3,200,000

D. 3,500,000

Reference no: EM132567848

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