Jorn Co. has the following patents on its balance sheet as of 12/31/2017 Patent Item Initial Cost Acquisition Date Useful Life Patent A $30,600 3/1/14 17 Years Patent B $15,000 7/1/15 10 Years Patent C $14,400 9/1/16 4 Years The following three events occurred during 2018: 1. R&D costs of $245,700 were incurred during the year. 2. Patent D was purchased for $36,480 on 7/1. The patent has a useful life of 9 years. 3. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent Bs value may have occurred at 12/31/2018. Jorn estimates the expected future cash flows from Patent B will be $2,000 a year for the next three years. Part A. Compute the total carrying amount of Jorns patents as of 12/31/2017. Part B. Prepare the necessary journal entries relating to all of their patents for 2018. Part C. Compute the total carrying amount of Jorns patents as of 12/31/2018.