5 b) Patents (8 marks) 5 7 On Jan 1, 2017, Simmons Corp. purchased a patent from Ace Ltd. For $80,000. On Jan 1, 2020 3 Simmons paid $12,500 for successful litigation to defence of the patent. Simmons estimates that the useful life of the patent will be 15 years from the date of acquisition. 50 the patent will be 15 years from the date of acquisition 22 marks) 51 Required: 52 Calculate the carrying value of the patent at December 31, 2020. Show your work in the 53 space provided below. 54 55 Carrying value at December 31, 2020 56 Workspace (will be graded): 58 59 60 61 + 62 63 64 65 Q3 Financial Statements 92 Goodwill and Intangibles