Reference no: EM133181004
Problem 1 - Bergs Company incurred the following costs during 2022:
Quality control during commercial production- P60,000
Laboratory research aimed at discovery of new knowledge- P42,000
Testing for evaluation of new products- P23,500
Trouble shooting in connection with breakdown during commercial production- P31,000
Engineering follows through in an early phase of commercial production- P27,000
Searching for application of new research findings- P24,000
Cost of equipment acquired which will have alternative uses in the future research and development projects over the next five years- P240,000
The total amount that Bergs Company should classify as research and development costs for 2022 is:
Problem 2 - Bergs Incorporation commended operations in the current year. A number of expenditures were made during the current year that were debited to one account, Intangible Assets.
State incorporation fees and legal cost related to organizing the corporation- P100,000
Fire insurance premium for three-year period- P60,000
Purchase of copyright- P200,000
Legal Fees for filing a patent on a new product resulting from R & D Project- P50,000
Legal Fees for successful defense of the patent developed from the project - P10,000
Entered into a 10-year franchise agreement with a franchisor- P500,000
Advertising cost- P150,000
Purchase of all outstanding ordinary shares of an acquiree. On the date of purchase, the acquiree had total assets of P6,000,000 at fair value and total liabilities of P2,200,000 at fair value- P5,000,000
What total amount should be reported as intangible asset?
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