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?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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?
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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