Skysong Industries has the following patents on its December 31, 2016, balance sheet. Patent Item Patent A Patent B Patent C Initial Cost $44,268 $17,040 $22,560 Date Acquired Useful Life at Date Acquired 17 years 10 years 4 years The following events occurred during the year ended December 31, 2017 1. Research and development costs of $247,000 were incurred during the year 2. Patent D was purchased on July 1 for $37,848. This patent has a useful life of 9-/2 years 3. 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, 2017. The controller for Skysong estimates the expected future cash flows from Patent B will be as follows. Year 2018 2019 2020 Expected Future Cash Flows $2,200 2,200 2,200 The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the year.) Compute the total carrying amount of Skysong' patents on its December 31, 2016, balance sheet. (Round answer to 0 decimal places, e.g.8,564.) Total carrying amount LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE Compute the total carrying amount of Skysong' patents on its December 31, 2017, balance sheet. (Round answer to 0 decimal places, e.g.8,564.) Total carrying amount