Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 30. on january 2, 2020, christa company purchased

30. On January 2, 2020, Christa Company purchased a patent for a new consumer product...

50.1K

Verified Solution

Question

Accounting

30. On January 2, 2020, Christa Company purchased a patent for a new consumer product for P30,000,000. At the time of purchase, the patent was valid for 20 years. However, the patents useful life was estimated to be only 10 years due to the competitive nature of the product. What amount of Patent, net should be reported in the Statement of Financial Position after 2 years?

a. 21,000,000

b. 30,000,000

c. 24,000,000

d. 27,000,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

Why is the 16S sequence used in phylogenetic study for prokaryotes?

Biology
1.2K views

Which of the examples below provides appropriate abiotic and biotic factors thatmight determine the distribution...

Biology
1.2K views

Imagine that you are a doctor in a maternity ward During your last shift 20...

Physics
1.2K views

pressure exerted by the elephant on the bridge Given acceleration due to gravity is 9...

Basic Math
1.2K views

ke n values 7 Write as an equation in two variables a d t 3t...

Basic Math
1.2K views

4 3 SI units A bridge to be fabricated of steel girders is designed to...

Basic Math
1.2K views

Perform the following mathematical operations, and express the result to the correct number ofsignificant figures.a....

Basic Math
1.2K views

Solve the equation by factoring.3x(x-2)=8x - 10xRewrite the equation in factored form.=0(Factor completely.)The solution set...

Calculus
1.2K views

Some biologists model the number of species S in a fixed area A such as...

Accounting
1.2K views

Yoon needs to save some money to buy her first car after she graduates. At...

Accounting
1.2K views

Question 6 (1 point) Allocating traceable (avoidable) fixed costs to segments could make a segment...

Accounting
1.2K views

Ratio Analyses for Victor and Maria Review the financial statements of Victor and Maria Hernandez...