Corn Snake Company purchased patent on January 1, 2019, for P3,570,000. The patent was being amortized over its remaining legal life of 15 years. During 2022, Corn Snake determined that the economic benefits of the patent would not last longer than ten years form the date of acquisition. What amount should be reported in the statement of financial position as patent, net of accumulated amortization, at December 31, 2022? A. 2,618,000 B. 2,448,000 ]C. 2,520,000 D. 2,142,000
Corn Snake Company purchased patent on January 1, 2019, for P3,570,000. The patent was being amortized over its remaining legal life of 15 years. During 2022, Corn Snake determined that the economic benefits of the patent would not last longer than ten years form the date of acquisition. What amount should be reported in the statement of financial position as patent, net of accumulated amortization, at December 31, 2022? A. 2,618,000 B. 2,448,000 ]C. 2,520,000 D. 2,142,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Corn Snake Company purchased patent on January 1, 2019, for P3,570,000. The patent was being amortized over its remaining legal life of 15 years. During 2022, Corn Snake determined that the economic benefits of the patent would not last longer than ten years form the date of acquisition. What amount should be reported in the statement of financial position as patent, net of accumulated amortization, at December 31, 2022?
A. 2,618,000
B. 2,448,000
]C. 2,520,000
D. 2,142,000
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