apple Fruit Trading spent P1,440,000 in acquiring a patent on January 3, 2012. Due to the competitive nature of the product, the patent was estimated to have a useful life of 10 years. At the beginning of 2016, the company paid P180,000 for legal fees in a successful defense of the patent. On July 1, 2020, a competitor obtained rights to a patent which made apple Fruit’s patent obsolete. How much is the loss from the patent obsolescence? P216,000 P243,000 P261,000 P396,000 answer not given
apple Fruit Trading spent P1,440,000 in acquiring a patent on January 3, 2012. Due to the competitive nature of the product, the patent was estimated to have a useful life of 10 years. At the beginning of 2016, the company paid P180,000 for legal fees in a successful defense of the patent. On July 1, 2020, a competitor obtained rights to a patent which made apple Fruit’s patent obsolete. How much is the loss from the patent obsolescence? P216,000 P243,000 P261,000 P396,000 answer not given
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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apple Fruit Trading spent P1,440,000 in acquiring a patent on January 3, 2012. Due to the competitive nature of the product, the patent was estimated to have a useful life of 10 years. At the beginning of 2016, the company paid P180,000 for legal fees in a successful defense of the patent. On July 1, 2020, a competitor obtained rights to a patent which made apple Fruit’s patent obsolete. How much is the loss from the patent obsolescence?
P216,000
P243,000
P261,000
P396,000
answer not given
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