Co. bought a patent from Backo Corp. on January 1, 20x4, for ₱180,000. An independent consultant retained by Ely estimated that the remaining useful life is 30 years. Its unamortized cost on Backo's accounting records was ₱90,000; the patent had been amortized for 5 years by Backo. How much should be amortized for the year ended December 31
Co. bought a patent from Backo Corp. on January 1, 20x4, for ₱180,000. An independent consultant retained by Ely estimated that the remaining useful life is 30 years. Its unamortized cost on Backo's accounting records was ₱90,000; the patent had been amortized for 5 years by Backo. How much should be amortized for the year ended December 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ely Co. bought a patent from Backo Corp. on January 1, 20x4, for ₱180,000. An independent consultant retained by Ely estimated that the remaining useful life is 30 years. Its unamortized cost on Backo's accounting records was ₱90,000; the patent had been amortized for 5 years by Backo. How much should be amortized for the year ended December 31, 20x4?
Question 10 options:
|
a
|
0 |
|
b
|
3,000 |
|
c
|
6,000 |
|
d
|
12,000 |
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