Exercise 144 In early January 2016, Lerner Corporation applied for a patent, incurring legal costs of $100,000. In January 2017, Lerner incurred $18,000 of legal fees in a successful defense of its patent. Compute 2016 amortization, 12/31/16 carrying value, 2017 amortization, and 12/31/17 carrying value if the company amortizes the patent over 10 years. 12/30/35 cm 12/31/17cm value Compute the 2018 amortization and the 12/31/18 carrying value, assuming that at the beginning of 2018, based on new market research, Lerner determines that the fair value of the patent is $76,000. Estimated future cash flows from the patent are $84,000 on January 3, 2018 12/30/17 Compute the 2018 amortization and the 12/31/18 carrying value, assuming that at the beginning of 2018, based on new market research, Lerner determines that the fair value of the patent is $76,000. Estimated future cash flows from the patent are $84,000 on January 3, 2018