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Questions -
Q1. VINCENZO Inc. was formed towards the end of 2020. At the time of formation, the company spent P50,000 accounting fees; P150,000 legal fees; stock certification costs of P500,000; initial franchise fee of P1,000,000; initial lease payment of P300,000 and promotional fees of P300,000. How much of the foregoing shall be initially recorded as intangible assets?
A. P2,300,000
B.P1,000,000
C. P700,000
D. P-0-
Q2. VINCENZO Inc. spent P200,000 on research and development cost for an invention during 2016. On January 01, 2017, the invention was patented at a nominal cost that was expensed in 2017. The legal life of the patent was 15 years and the estimated useful life was 9 years. In January 2021, Vincenzo paid P250,000 for legal fees in a successful defense of the patent. What should be the amortization expense for 2021?
A. P27,780
B. P22,730
C. P50,000
D. P0
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