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What should be recorded as amortization expense

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Q1. Bergs Corporation acquired a patent for a drug with remaining legal ang useful life of six years on January 1, 2019 for P6,000,000. On January 1, 2021, a new patent is received for an improved version of the same drug. The new patent has a legal and useful life of twenty years. What should be recorded as amortization expense for 2021?

Q2. Knowie Company owns 15% of the outstanding ordinary shares of Bergs Corp. On November 1, 2021, Bergs declared its inventory as property dividends. Data relating to the fair values of the inventory follow:

November 1, 2021- P500,000

December 31, 2021- P900,000

February 15, 2022- P820,000

How much is the dividend income to be recognized in 2021?

Reference no: EM133186055

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