Reported in the ledger of Mayumi Company On December 31, 2017, is a Patent account with a balance of P120,000, and accumulated amortization of P 60,000. The Patent is being amortized for its useful life of eight years. On January 1, 2018, Mayumi purchased a competing patent for a total cost of P75,000. The newly purchased patent is expected to be used for five years. On July 1, 2018, Mayumi spent P 50,000 to defend its new patent against an infringement suit. What is the carrying value of the patents on December 31, 2018?
Reported in the ledger of Mayumi Company On December 31, 2017, is a Patent account with a balance of P120,000, and accumulated amortization of P 60,000. The Patent is being amortized for its useful life of eight years. On January 1, 2018, Mayumi purchased a competing patent for a total cost of P75,000. The newly purchased patent is expected to be used for five years. On July 1, 2018, Mayumi spent P 50,000 to defend its new patent against an infringement suit. What is the carrying value of the patents on December 31, 2018?
Chapter1: Financial Statements And Business Decisions
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Reported in the ledger of Mayumi Company On December 31, 2017, is a Patent account with a balance of P120,000, and accumulated amortization of P 60,000. The Patent is being amortized for its useful life of eight years. On January 1, 2018, Mayumi purchased a competing patent for a total cost of P75,000. The newly purchased patent is expected to be used for five years. On July 1, 2018, Mayumi spent P 50,000 to defend its new patent against an infringement suit.
What is the carrying value of the patents on December 31, 2018?
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