I just want to know the solution how to get the answer 7 March Corporation bought Patent A for P40,000 and Patent B forP60,000. March also paid acquisition cost of P5,000 for Patent Aand P7,000 for Patent B.actions. March paid P20,000 in legal fees for a successful defense ofPatent A and P30,000 in legal fees for an unsuccessful defense ofPatent B. What amount should March Corporation disclose as totalcost of its patent on the year-end statement of financial position?Both patents were challenged in legalP 45,000P 65,000P112,000P162,000a.b.C.d.MC38 On January 2, 2016, Dec Company purchased a patent for a newconsumer product for P900,000.patent was valid for 15 years. However, the patent's usestimated to be only 10 years due to the competitive nature of theproduct. On December 31, 2019, the product was permanentlywithdrawn from sale under governmental order because of apotential health hazard in the product.At the time of purchase, theul life wasWhat total amount should Dec charge against income during 2019assuming amortization is recorded at the end of each year?P 90,000P540,000P630,000P720,000a.b.C.d.aht a trademark from Kit

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MC37 March Corporation bought Patent A for P40,000 and Patent B for P60,000. March also paid acquisition cost of P5,000 for Patent A and P7,000 for Patent B. Both patents were challenged in legal actions. March paid P20,000 in legal fees for a successful defense of Patent A and P30,000 in legal fees for an unsuccessful defense of Patent B. What amount should March Corporation disclose as total cost of its patent on the year-end statement of financial position? P 45,000 P 65,000 P112,000 a. b. C.

MC37 March Corporation bought Patent A for P40,000 and Patent B for P60,000. March also paid acquisition cost of P5,000 for Patent A and P7,000 for Patent B. Both patents were challenged in legal actions. March paid P20,000 in legal fees for a successful defense of Patent A and P30,000 in legal fees for an unsuccessful defense of Patent B. What amount should March Corporation disclose as total cost of its patent on the year-end statement of financial position? P 45,000 P 65,000 P112,000 a. b. C.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 62P

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