question archive Genuine Company was granted a patent on January 1, 2020, and appropriately capitalized P450,000 of related costs

Genuine Company was granted a patent on January 1, 2020, and appropriately capitalized P450,000 of related costs

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Genuine Company was granted a patent on January 1, 2020, and appropriately capitalized P450,000 of related costs. Genuine was amortizing the patent over its estimated life of 15 years. During 2023, Genuine paid P150,000 in legal costs in successfully defending an attempted infringement of the patent. After the legal action was completed, Genuine sold the patent to the plaintiff for P750,000. Genuine's policy is to take no amortization in the year of disposal. In its 2023 income statement, what amount should Genuine report as gain from sale of patent? 

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