In early January 2009, Lerner Corporation applied for a patent, incurring legal costs of $50,000. In January 2010, Lerner incurred $9,000 of legal fees in a successful defense of its patent. Instructions: Compute 2009 amortization, 12/31/09 carrying value, 2010 amortization, and 12/31/10 carrying value if the company amortizes the patent over 10 years. Show and label all calculations. Compute the 2011 amortization and the 12/31/11 carrying value, assuming that at the beginning of 2011, based on new market research, Lerner determines that the fair value of the patent is $44,000. Estimated future cash flows from the patent are $45,000 on January 3, 2011. Show and label all calculations. Keyboard Shortcuts