Computing Subsequent Carrying Amount of Patents In January 2020, Ford Co. purchased a patent from a research institution for $350,000. The patent was estimated to have a useful life of 8 years. In December 2021, Ford Co. unsuccessfully defended the patent in legal proceedings. The fair value of the patent on December 31, 2021, is now estimated to be $70,000 with a 2-year useful life. a. Record the entry for the legal fees of $28,000, paid in cash. Account Name Cr. Dr. 28000 Legal Expense Cash 28000 b. Determine the carrying value of the patent on December 31, 2021, after any necessary adjusting entries have been recorded. Carrying value of patent, Dec. 31, 2021 $