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What total amount of expense morgan company should report

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Reference no: EM132904719

Problem 1: Morgan Corporation incurred P298,350 of research and development cost to develop a product for which a patent was granted on January 2. 2011. Legal fees and other costs associated with registration of the patent totaled P 109,200. On January 2, 2017. Moran Company paid P90,000 for legal fees for the litigation put up against the patent. The patent has a useful life 20 years. The final verdict was known only on July 1, 2017 in favor of Morgan Company. What total amount of expense Morgan Company should report in its 2017 profit or loss related to the patent?

Reference no: EM132904719

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