iad an acquisition date fair value of P65,000. On January 1, SS possessed equipment (5- ts books P25,000. SS also had developed several secret formulas that BB assessed a h not recorded on SS's financial records, were estimated to have a 20-year future life. B y of SS is overvalued by P10,000. 80% of these inventories remain unsold by the end e financial statements appeared as follows: BB SS Revenues (from sales and dividends) Cost of goods sold Expenses P (300, 000) P (200, 000) 80, 000 10, 000 P (140, 000) P (110, 000) 140, 000 20, 000 Net Income

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W Co. acquired the intangible assets listed below for a total lump sum price of P400,000. Intangible asset Service mark Order and production backlogs In-house research and development Fair value P160,000 120,000 80,000 120,000 How much is the initial measurement of the masthead? Masthead Your answer On January 1, 20x1, M Co. incurred P500,000 in registering a patent. It was initially estimated that the useful life of the asset is 20 years, equal to its legal life. However, on January 1, 20x6, M assessed that the useful life of the patent was only 15 years starting on the date of registration. How much is the amortization expense in 20x6? Your answer

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