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Fields Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Fields does not manufacture or sell the products and processes it develops. Instead, it conducts research and develops products and processes which it patents, and then assigns the patents to manufacturers on a royalty basis. Occasionally it sells a patent. The history of Fields patent number 758- 6002-1A is as follows. Date: Activity Cost: 2010-2013 Research conducted to develop precipitator $560,000 Jan 1. 2014 Fees paid engineers and lawyers to prepare patent application, patent granted Jan 1, 2014 1,040,000 Dec 31, 2016 Legal fees paid to successfully defend precipitator patent 86,000 3 April 1 2017 Research aimed at modifying the design of the 4 patented precipitator 155,000 5 July 1 2021 Legal fees paid in unsuccessful patent infringement 5 suit against a competitor 226,000 7 8 Fields assumed a useful life of 20 years when it received the initial precipitator 9 patent On January 1, 2019, it revised its useful life estimate downward to 4 o remaining years. Amortization is computed for a full year if the cost is incurred prior to July 1, and no 1 amortization for the year if the cost is incurred after June 30. The company's year ends December 31 2 3 Instructions: 4 (a) Compute the carrying value of patent No 758-6002-1A on December 31, 2014 5 6 7 8 (b) Compute the carrying value of patent No 758 6002-1A on December 31, 2018 9 50 1 2 (c) Compute the carrying value of patent No 758-6002-1A on December 31, 2021 53 A