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What should james record as patent amortization

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Problem 1: On January 2, 2000, James Corporation acquired a patent for P192,000. The patent has a remaining legal life of twelve years and an estimated useful life of eight years. In January 2004, James paid P12,000 in legal fees in a successful defense of the patent. What should James record as patent amortization for 2004?

(a) P16,000

(b) P24,000

(c) P25,500

(d) P27,000

Reference no: EM132702883

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