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Patent B=

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Marin Industries has the following patents on its December 31, 2019. balance sheet. Patent Item Useful Life at Date Acquired Patent A Initial Cost Date Acquired $41.208 3/1/16 $15.240 7/1/17 $15.360 9/1/18 17 years 10 years Patent B Patent 4 years The following events occurred during the year ended December 31, 2020. 1. 2. Research and development costs of $232,000 were incurred during the year. Patent D was purchased on July 1 for $30.438. 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 Marin estimates the expected future cash flows from Patent B will be as follows 3. Year Expected Future Cash Flows $1.900 2021 2022 1,900 2023 1,900 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 (a) Your Answer Correct Answer * Your answer is incorrect. Compute the total carrying amount of Marin' patents on its December 31, 2019. balance sheet. Total carrying amount $ $ 31916 e Textbook and Media Solution Attempts: 3 of 3 used (b) Compute the total carrying amount of Marin' patents on its December 31, 2020, balance sheet. Total carrying amount $ e Textbook and Media