A B D E F G H I J K 1 Formula: Multiply, Divide, Subtract; Cell Referencing 2 4 3 BE12.9 - Using Excel to Calculate the Carrying Value of a Patent PROBLEM 5 Nieland Industries had one patent recorded on its books as of January 1, 2020. 6 Additional information concerning this patent follows. Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem area for the first three calculations, and to this work area for the last calculation. 7 8 Book value, January 1, 2020 Remaining useful life $ 288,000 8 years 9 At what amount should patent(s) be reported on the December 31, 2020, balance sheet, assuming monthly amortization of patents? 10 11 During 2020, Nieland incurred research and development costs and brought a 12 patent infringement suit against a competitor. On December 1, 2020, Nieland 13 received the good news that its patent was valid and that its competitor could not use 14 the process Nieland had patented. Cost information concerning these items follows: Carrying amount at December 31, 2020 before amortization 15 Amortization of book value of original cost 16 17 $ Amortization of additional cost(s) Research and development costs Patent infringement defense costs 96,000 85,000 18 19 Carrying amount, December 31, 2020 20