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What is the gain on patent disposal to be recognized

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Reference no: EM132834043

Problem 1: On January 1, 2014, WISE Inc. acquired a patent with for P10,000,000 with remaining useful life of 5 years and remaining legal life of 10 years. On December 31, 2014, WISE was sued by a competitor on alleged patent infringement. WISE prevailed in the case and incurred litigation costs in successfully defending the patent in the amount of P2,000,000. On July 1, 2016, WISE sold the patent for P5,000,000 and incurred P500,000 disposal cost. What is the gain/(loss) on patent disposal to be recognized by WISE?

Reference no: EM132834043

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