Exercise 12-10 (Part Level Submission) Larkspur Industries has the following patents on its December 31, 2016, balance sheet. Initial Cost $45,492 $17,760 $25,440 Date Acquired Useful Life at Date Acquired 17 years 10 years 4 years Patent Item Patent A Patent B Patent C 9/1/15 The following events occurred during the year ended December 31, 2017 1. Research and development costs of $253,000 were incurred during the year 2. Patent D was purchased on July 1 for $43,092. This patent has a useful life of 9/2 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 Larkspur estimates the expected future cash flows from Patent B will be as follows. Year 2018 2019 2020 Expected Future Cash Flows $2,050 2,050 2,050 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 Larkspur patents on its December 31, 2016, balance sheet. (Round answer to 0 decmal places, e.g. 8,564.) Total carrying amount Compute the total carrying amount of Larkspur' patents on its December 31, 2017, balance sheet. (Round answer to 0 decimal places, e.g. 8,564) Total carrying amount