What is the carrying amount of the patent on december

Reference no: EM132703175

Problem 1: Boccherini Company spent a total of P 2,040,000 in developing a patent which was applied for on July 1, 2019. The patent was issued on January 1, 2020. The cost of licensing was nominal and useful life of the patent is 15 years. On January 1, 2022, the company purchased a related patent for P2,880,000. The related patent has a remaining useful life of 16 years. The related patent is believed to extend the useful life of the old patent. On January 1, 2023, the entity purchased a competing patent for P2,160,000 in order to protect the original patent. What is the carrying amount of the patent on December 31, 2023?

Reference no: EM132703175

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