Reference no: EM133178449
Question - On January 1, 2020, Dopey Enterprises, Inc. developed a new machine that reduces the time required to insert the fortunes into their fortune cookies. Because the process is considered very valuable to the fortune cookie industry, Dopey had the machine patented. The following expenses were incurred in developing and patenting the machine:
Research and development laboratory expenses P250,000
Metal used in construction of the machine 80,000
Blueprints used to design the machine 32,000
Legal expenses to obtain patent 120,000
Wages paid for the employees on the research, development and the building of the machine; 60% of the time was spent in actual building of the machine 150,000
Expense of drawing required by the patent office to be submitted with the patent application 17,000
Fees paid to government patent office to process application 24,500
On January 2, 2021, Dopey Enterprises, Inc. paid P35,200 in legal fees to successfully defend the patent against an infringement suit by Snow White Company. What is the carrying value of the patent in December 31, 2021?
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