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Giants Co acquired 3 different patents on 1/1/19. Cost, original grant date and estimated economic life for each patent are: Patent Cost Original Economic Life
Giants Co acquired 3 different patents on 1/1/19. Cost, original grant date and estimated economic life for each patent are: Patent Cost Original Economic Life K9 $210,00011/09 ERA $720,0001/1/11 WHIP $570,00011/18 Grant Date(1/1/19) 7 years 16 years 15 years At 12/31/19, recovery tests are performed on the projects associated with the patents. Results are as follows Net Future Fair Value Patent Cash Flows K9 $165,000$144,000 ERA $695,000 $612,000 WHIP $515,000 $468,000 At 1/1/20, the remaining economic life of each patent was determined to be 12 more years (through 12/31/31). At 12/31/20, there is no impairment. *REQUIRED: 1) Determine the following: tge a) TOTAL amount of amortization expense reported FYE 12/31/19. b) TOTAL amount of loss on impairment (if any) reported FYE 12/31/19. c) TOTAL amount of amortization expense reported FYE 12/31/20. d) TOTAL carrying value for patents reported at 12/31/20
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