epoint.com/personal/r_deen_bau_edu_1b/_layouts/15/onedrive.aspx?id=%2Fpersonal%2Fr_deen bau_edu_1b%2FDocu Print Download Copy to Version history Intermediate Acct (II)-Spring 2020/2021 Assessment (2)-Assignment (5 points) Question one In early January 1, 2009, Lerner Corporation applied for a patent, incurring legal costs of $50,000 and the estimated useful life was 10 years. In January 1, 2010, Lerner incurred $9,000 of legal fees in a successful defense of its patent; the remaining useful life on January 1, 2010 was 9 years. Requirement: (a) Compute 2009 amortization, 12/31/09 carrying value, 2010 amortization, and 12/31/10 carrying value (b) At the beginning of 2011, baed on new market research, Lerner determines that the recoverable amount of the patent is $44,000. Compute the loss on impairment (if any) on 1/1/2011. epoint.com/personal/r_deen_bau_edu_1b/_layouts/15/onedrive.aspx?id=%2Fpersonal%2Fr_deen bau_edu_1b%2FDocu Print Download Copy to Version history Intermediate Acct (II)-Spring 2020/2021 Assessment (2)-Assignment (5 points) Question one In early January 1, 2009, Lerner Corporation applied for a patent, incurring legal costs of $50,000 and the estimated useful life was 10 years. In January 1, 2010, Lerner incurred $9,000 of legal fees in a successful defense of its patent; the remaining useful life on January 1, 2010 was 9 years. Requirement: (a) Compute 2009 amortization, 12/31/09 carrying value, 2010 amortization, and 12/31/10 carrying value (b) At the beginning of 2011, baed on new market research, Lerner determines that the recoverable amount of the patent is $44,000. Compute the loss on impairment (if any) on 1/1/2011