Exercise 12-10 Metlock Industries has the following patents on its December 31, 2016, balance sheet Patent Item Patent A Patent B Patent C Initial Cost $41,412 3/1/13 $15,360 7/1/14 $15,840 9/1/15 Useful Life at Date Acquired 17 years 10 years 4 years Date Acquired The following events occurred during the year ended December 31, 2017. 1. Research and development costs of $233,000 were incurred during the year. 2. Patent D was purchased on July 1 for $26,904. This patent has a useful life of 9/, years. 3. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B's value may have occurred at December 31, 2017. The controller for Metlock estimates the expected future cash flows from Patent B will be as follows. Expected Future Cash Flows $1,950 1,950 1,950 Year 2018 2019 2020 The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the year.) Compute the total carrying amount of Metlock patents on its December 31, 2016, balance sheet. (Round answer to o decimal places, e.g. 8 564 Total carrying amount s Compute the total carrying amount of Metlock' patents on its December 31, 2017, balance sheet. (Round answer to 0 decimal places, e.g. 8,564.) Total carrying amount s