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Question 7 of 8 0/13 Snow Attempt story Current Attempt in Progress Shamrock Industries has the following patents on its December 31, 2019, balance sheet. Initial Cost Patent Item Patent A Patent B Patent $44,064 $16,920 $22,080 Date Acquired 3/1/16 7/1/17 9/1/18 Useful Life at Date Acquired 17 years 10 years 4 years The following events occurred during the year ended December 31, 2020. 1. 2. 3. Research and development costs of $246,000 were incurred during the year. Patent D was purchased on July 1 for $45,030. This patent has a useful life of 91/2 years. 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, 2020. The controller for Shamrock estimates the expected future cash flows from Patent B will be as follows. Year 2021 2022 2023 Expected Future Cash Flows $2.150 2,150 2.150 The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the year.) Click here to view factor tables * Your answer is incorrect. Compute the total carrying amount of Shamrock' patents on its December 31, 2019, balance sheet. Total carrying amount $ $ 14.720 e Textbook and Media Solution Attempts: 3 of 3 use (b) Your answer is incorrect. Compute the total carrying amount of Shamrock' patents on its December 31, 2020, balance sheet. Total carrying amount