How much is the amortization of patent for the year 2021?Provide a detailed answer. 4. At December 31, 2020, Green company had three existing patents shown below:CostUseful lifeDate AcquiredFebruary 14, 2016January 3, 2019July 1, 2019P 150,0008 years10 years5 yearsPatent APatent B210,250Patent C72,000During 2021, the company had the following transactions and assessments:Due to the emnerging competition relating to the product being manufactured in Patent A, it isexpected that the right will be useful only in 2021 and 2022.Patent B is believe to be uniquely useful as long as the company retains the right to use it.On June 1, 2021, the company unsuccessfully attempted to defend its right to Patent C. Legal feesof P15,000 was incurred in this action. The asset was immediately derecognized in the accounts.The company's policy is to take full year amortization in the year of acquisition and no amortizationin the year of derecognition using straight-line method.

Given as, Data Date acquired Cost Useful life Patent A Feb 14, 2016 150,…

Answered: 210,250 10 year 72,000 5 years

Business

Accounting

210,250 10 year 72,000 5 years

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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