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Transactions during 2020 of the newly organized PLANTSAHIN Corp included the following: Paid legal fees of P150,000 and stock certificate costs of P83,000 to complete organization of the corporation. Jan. 2 15 Hired a clown to stand in front of the corporate office for 2 weeks and hound out pamphlets and candy to create goodwill for the new enterprise. Clown cost, P10,000; pamphlets and candy, P5,000. Apr. 1 Patented a newly developed process with costs as follows: P 400,000 Research and development cost Legal fees to obtain patent Patent application and licensing fees Total 10,000 40,000 P 450,000 It is estimated that in 6 years other companies will have developed improved processes, making the Plantsahin Corp. process obsolete. Jul 1 Acquired both a license to use a special type of container and a distinctive trademark to be printed on the container in exchange for 6,000 shares of Plantsahin's no-par common stock selling for P50 per share. The trademark is worth twice as much as the license, both of which may be used for 6 years. Constructed a shed for P1,310,000 to house prototypes of experimental models to be developed in future research projects. Aug 1

Transactions during 2020 of the newly organized PLANTSAHIN Corp included the following: Paid legal fees of P150,000 and stock certificate costs of P83,000 to complete organization of the corporation. Jan. 2 15 Hired a clown to stand in front of the corporate office for 2 weeks and hound out pamphlets and candy to create goodwill for the new enterprise. Clown cost, P10,000; pamphlets and candy, P5,000. Apr. 1 Patented a newly developed process with costs as follows: P 400,000 Research and development cost Legal fees to obtain patent Patent application and licensing fees Total 10,000 40,000 P 450,000 It is estimated that in 6 years other companies will have developed improved processes, making the Plantsahin Corp. process obsolete. Jul 1 Acquired both a license to use a special type of container and a distinctive trademark to be printed on the container in exchange for 6,000 shares of Plantsahin's no-par common stock selling for P50 per share. The trademark is worth twice as much as the license, both of which may be used for 6 years. Constructed a shed for P1,310,000 to house prototypes of experimental models to be developed in future research projects. Aug 1

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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*Cost of Patent is

* Cost of trademark is

*Carrying amount of Intangible Assets at Dec. 31, 2020 will be: (round off to the nearest peso)

For numbers 37 to 39 Transactions during 2020 of the newly organized PLANTSAHIN Corp included the following: Jan. 2 Paid legal fees of P150,000 and stock certificate costs of P83,000 to complete organization of the corporation. 15 Hired a clown to stand in front of the corporate office for 2 weeks and hound out pamphlets and candy to create goodwill for the new enterprise. Clown cost, P10,000; pamphlets and candy, P5,000. Apr. 1 Patented a newly developed process with costs as follows: Research and development cost Legal fees to obtain patent Patent application and licensing fees P 400,000 10,000 40,000 P 450,000 Total It is estimated that in 6 years other companies will have developed improved processes, making the Plantsahin Corp. process obsolete. Jul 1 Acquired both a license to use a special type of container and a distinctive trademark to be printed on the container in exchange for 6,000 shares of Plantsahin's no-par common stock selling for P50 per share. The trademark is worth twice as much as the license, both of which may be used for 6 years. Constructed a shed for P1,310,000 to house prototypes of experimental models to be developed in future research projects. Aug 1
Transcribed Image Text:For numbers 37 to 39 Transactions during 2020 of the newly organized PLANTSAHIN Corp included the following: Jan. 2 Paid legal fees of P150,000 and stock certificate costs of P83,000 to complete organization of the corporation. 15 Hired a clown to stand in front of the corporate office for 2 weeks and hound out pamphlets and candy to create goodwill for the new enterprise. Clown cost, P10,000; pamphlets and candy, P5,000. Apr. 1 Patented a newly developed process with costs as follows: Research and development cost Legal fees to obtain patent Patent application and licensing fees P 400,000 10,000 40,000 P 450,000 Total It is estimated that in 6 years other companies will have developed improved processes, making the Plantsahin Corp. process obsolete. Jul 1 Acquired both a license to use a special type of container and a distinctive trademark to be printed on the container in exchange for 6,000 shares of Plantsahin's no-par common stock selling for P50 per share. The trademark is worth twice as much as the license, both of which may be used for 6 years. Constructed a shed for P1,310,000 to house prototypes of experimental models to be developed in future research projects. Aug 1
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