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. Sheffield assumed a useful life of 17 years when it received the initial precipitator patent. On January 1, 2024, 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 company's year ends December 31. Compute the carrying value of patent No. 75860021A on each of the following dates