Question #1

The following patents were on Prestos balance sheet as of December 31, 2018.

PATENT ITEM	INITIAL COST	DATE ACQUIRED	USEFUL LIFE AT DATE ACQUIRED
Patent 421	$30,600	3/1/15	17 years
Patent 183	$20,000	7/1/16	10 years
Patent 709	$15,500	9/1/18	5 years

In 2019, Presto had the following occur:

• Research and development costs of $245,700 were incurred during the year.
• Patent 820 was purchased on July 1, 2019 for $37,480. This patent was recorded as having a useful life of 9 years.

What is the carrying amount of Prestos patents on December 31, 2019?