Colgate Co. bought a trademark from Crest Corp. on May 1, 2019 for P300,000. Its unamortized cost on Crest's accounting records was P112,000. Colgate decided to amortize the trademark over its legal life from the date of purchase. In Colgate's December 31, 2019, Financial Position what amount should the trademark be reported?
Colgate Co. bought a trademark from Crest Corp. on May 1, 2019 for P300,000. Its unamortized cost on Crest's accounting records was P112,000. Colgate decided to amortize the trademark over its legal life from the date of purchase. In Colgate's December 31, 2019, Financial Position what amount should the trademark be reported?
Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization
Section: Chapter Questions
Problem 37P
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![Colgate Co. bought a trademark from Crest Corp. on May
1, 2019 for P300,000. Its unamortized cost on Crest's
accounting records was P112,000. Colgate decided to
amortize the trademark over its legal life from the date of
purchase. In Colgate's December 31, 2019, Financial Position
what amount should the trademark be reported?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5cd33e1b-f543-4a8c-8d70-cd3c12b8d74f%2F26292c9a-b42a-4e32-9d64-9b8d5881a50b%2Fx9hpxnm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Colgate Co. bought a trademark from Crest Corp. on May
1, 2019 for P300,000. Its unamortized cost on Crest's
accounting records was P112,000. Colgate decided to
amortize the trademark over its legal life from the date of
purchase. In Colgate's December 31, 2019, Financial Position
what amount should the trademark be reported?
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