0,000, and accumulated amortization of P 60,000. The Patent is being amortized for its useful life of eight years. On January 1, 2018, Mayumi purchased a competing patent for a total cost of P75,000.  The newly purchased patent is expected to be used for five ye

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Reported in the ledger of Mama Company On December 31, 2017, is a Patent account with a balance of P120,000, and accumulated amortization of P 60,000. The Patent is being amortized for its useful life of eight years. On January 1, 2018, Mayumi purchased a competing patent for a total cost of P75,000.  The newly purchased patent is expected to be used for five years.  On July 1, 2018, Mama spent P 50,000 to defend its new patent against an infringement suit. 
What is the carrying value of the patents on December 31, 2018?

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