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What is the carrying value of patent

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Question - Patents: All patents were purchase from another company when Gilead Enterprises began operations on January 2, 2009. These patents are being amortized over an expected useful life of 14 years. Improvements made to equipment covered by the patent costing P75,000 was debited to the account in January 2013. Amortization in 2013-2015 included amortization on the P75,000 for the remaining life of the relevant patent. It is determined that the P75,000 should have been expensed in 2013. It is further determined on January 1, 2016, that one of the patents has a remaining life of only 2 years. This patent was originally assigned a cost of P210,000. What is the carrying value of patent on 2016?

Reference no: EM133134169

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