On January 2, 2016, Affable Co. incurred legal fees and other costs associated with registration of a patent in the amount of P109,200. The patent is being amortized over its legal life under the Intellectual Property Code of the Philippines. On January 1, 2022, Affable paid P90,000 legal fees for the litigation put up against the patent, which defense was unsuccessful. What total amount of expense should Affable report in its 2022 income statement related to the patent? O a. 95460 O b. 90000 O c. 5460 O d. 166440

On January 2, 2016, Affable Co. incurred legal fees and other costs associated with registration of a patent in the amount of P109,200. The patent is being amortized over its legal life under the Intellectual Property Code of the Philippines. On January 1, 2022, Affable paid P90,000 legal fees for the litigation put up against the patent, which defense was unsuccessful. What total amount of expense should Affable report in its 2022 income statement related to the patent? O a. 95460 O b. 90000 O c. 5460 O d. 166440

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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