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What the amount of amortization that should be recognized

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Problem 1: Alaminos Company acquired three patents in January 2009. The patents have different lives as indicated in the following schedule: Patent Cost Remaining useful life Remaining legal life A P2,000,000 10 8 B 3,000,000 5 10 C 6,000,000 Indefinite 15 Patent C is believed to be uniquely useful as long as the company retains the right to use it. In June 2009, the company successfully defended its right to Patent B. Legal fees of P800,000 were incurred in this action. The company's policy is to amortize intangible assets by the straight-line method to the nearest half year. The company reports on a calendar-year basis. The amount of amortization that should be recognized for 2009 is

a. P1,330,000

b. P1,250,000

c. P2,050,000

d. P 950,000

Reference no: EM132864610

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