Corona Company purchased a patent for P284,375 on January 2, 2015. The patent was being amortized over its remaining legal life of fifteen years expiring on January 2, 2030. Early on January 2, 2018, Corona determined that the economic benefits of the patent would not last longer than ten years from the date of acquisition. What amount should be charged to patent amortization expense for the year ended December 31, 2018?
Corona Company purchased a patent for P284,375 on January 2, 2015. The patent was being amortized over its remaining legal life of fifteen years expiring on January 2, 2030. Early on January 2, 2018, Corona determined that the economic benefits of the patent would not last longer than ten years from the date of acquisition. What amount should be charged to patent amortization expense for the year ended December 31, 2018?
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Corona Company purchased a patent for P284,375 on January
2, 2015. The patent was being amortized over its remaining
legal life of fifteen years expiring on January 2, 2030. Early
on January 2, 2018, Corona determined that the economic
benefits of the patent would not last longer than ten years
from the date of acquisition. What amount should be charged
to patent amortization expense for the year ended December
31, 2018?
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