4. JPIA Company incurred P298, 350 of research and development cost to develop a product for which a patent was granted on January 2, 2018. Legal fees and other costs associated with registration of the patent totaled P66, 300. On January 2, 2022, JPIA paid P93, 600 for legal fees in an unsuccessful defense of the patent. The estimated useful life of the patent is equal to its legal life. What total amount of should JPIA charged against income during 2022?

4. JPIA Company incurred P298, 350 of research and development cost to develop a product for which a patent was granted on January 2, 2018. Legal fees and other costs associated with registration of the patent totaled P66, 300. On January 2, 2022, JPIA paid P93, 600 for legal fees in an unsuccessful defense of the patent. The estimated useful life of the patent is equal to its legal life. What total amount of should JPIA charged against income during 2022?

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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