Sheffield Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Sheffield 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 Sheffield patent number 758-6002-1A is as follows.

Date Activity Cost 20112012

Research conducted to develop precipitator $380,000

Jan. 2013 Design and construction of a prototype 89,000

March 2013 Testing of models 58,800

Jan. 2014 Fees paid engineers and lawyers to prepare patent application; patent granted

June 30, 2014 64,600

Nov. 2015 Engineering activity necessary to advance the design of the precipitator to the manufacturing stage 90,500

Dec. 2016 Legal fees paid to successfully defend precipitator patent 58,800

April 2017 Research aimed at modifying the design of the patented precipitator 59,800

July 2021 Legal fees paid in unsuccessful patent infringement suit against a competitor 35,000

Sheffield assumed a useful life of 17 years when it received the initial precipitator patent. On January 1, 2019, it revised its useful life estimate downward to 5 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 companys year ends December 31. Compute the carrying value of patent No. 758-6002-1A on each of the following dates:

(a) December 31, 2014 $____

(b) December 31, 2018 $____

(c) December 31, 2021 $____