Meadows Laboratories holds a valuable patent for a "gazak". The history of costs

associated with the "gazak" are as follows.

DateActivityCost

2000 - 2001Research conducted to develop "gazak"$117,000

Mar. 2002Design and construction of a prototype81,500

Oct. 2002Testing simulations36,750

Feb. 2003Redesigning based on simulation results41,250

Apr. 2004Legal fees paid for patent granted May, 200469,955

May. 2008Legal fees paid to successfully defend patent23,205

Jan. 2010Research aimed at modifying the "gazak" design17,500

Oct. 2013Legal fees paid to successfully defend patent11,240

Meadows assumed a useful life of 17 years for the patent in May, 2004. On January

1, 2012, it revised its useful life estimate downward to 6 remaining years.

Amortization is computed for a full year if the cost is incurred prior to July 1, and no

amortization for the year if the cost is incurred after June 30. The company's year

ends December 31.

Instructions - Compute the carrying value of the "gazak" on each of the following dates:

(a)December 31, 2005

(b)December 31, 2008

(c)December 31, 2011

(d)December 31, 2013

(e)December 31, 2015