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What should be reported in statement of financial position

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Reference no: EM132592983

Question 1: On January 1, 2007, Taft Company purchased a patent for P7,140,000. The patent is being amortized over its remaining legal life of 15 years expiring January 1, 2022. During 2010, taft determined that the economic benefits of the patent would not last longer than ten years from the date of acquisition. What should be reported in the statement of financial position as carrying amount of patent on December 31, 2010?

Reference no: EM132592983

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