ABC Company purchases a patent from XYZ Company for the price of ₱250,000 and incurs legal and consulting fees related to the purchase in the amounts of ₱60,000 and ₱40,000, respectively. The patents remaining life is 15 years, but because of the market competition, its useful life is estimated to be only 10 years.What is the total acquisition cost of the patent?

The total acquisition cost of the patent is calculated by adding the purchase price of the patent to any additional costs incurred in the acquisition process. In this case, the purchase price is ₱250,000 and the additional costs are the legal and consulting fees, which amount to ₱60,000 and ₱40,000 respectively.

Here's the calculation:

Purchase price: ₱250,000 Legal fees: ₱60,000 Consulting fees: ₱40,000

Total acquisition cost = Purchase price + Legal fees + Consulting fees Total acquisition cost = ₱250,000 + ₱60,000 + ₱40,000 Total acquisition cost = ₱350,000

So, the total acquisition cost of the patent is ₱350,000.

The total acquisition cost of the patent is calculated by adding the purchase price to any additional costs incurred in the acquisition. In this case, the purchase price is ₱250,000 and the additional costs are the legal and consulting fees of ₱60,000 and ₱40,000, respectively.

Here's the calculation:

Purchase price: ₱250,000 Legal fees: ₱60,000 Consulting fees: ₱40,000

Total acquisition cost = Purchase price + Legal fees + Consulting fees Total acquisition cost = ₱250,000 + ₱60,000 + ₱40,000 Total acquisition cost = ₱350,000

So, the total acquisition cost of the patent is ₱350,000.