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Skysong Industries has the following patents on its December 3 1 , 2 0 2 1 , statement of financial position ( amounts in thousands
Skysong Industries has the following patents on its December statement of financial position amounts in thousands
tablePatent Item,Initial Cost,Date Acquired,Useful Life at Date AcquirecPatent A# yearsPatent B yearsPatent C# years
The following events occurred during the year ended December
Research and development costs of # were incurred during the year. All of these costs except for # incurred on May for Patent C were incurred prior to projects achieving economic viability.
Patent D was purchased on July for This patent has a useful life of years.
As a result of reduced demands for certain products protected by Patent B a possible impairment of Patent Bs value may have occurred at December A marketbased fair value is not available. The controller for Skysong estimates the expected future cash flows from Patent B will be as follows.
tableExpected Future Cash Flows#
the proper didcount raye to be used for these flows is
comput the total careying amount of Skysongs patents on its December statment of financial position
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