The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the year.) Click here to view factor tables Part 1 Part 2 Compute the total carrying amount of Marin' patents on its December 31, 2020, balance sheet. Total carrying amount $ ta Marin Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial Cost Date Acquired Patent A Patent B $43,452 $16,560 $20,640 3/1/16 7/1/17 9/1/18 Useful Life at Date Acquired 17 years 10 years 4 years Patent C The following events occurred during the year ended December 31, 2020. 1. 2. 3. Research and development costs of $243,000 were incurred during the year. Patent D was purchased on July 1 for $34,770. This patent has a useful life of 91/2 years. 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, 2020. The controller for Marin estimates the expected future cash flows from Patent B will be as follows. Year Expected Future Cash Flows 2021 $2,000 2022 2,000 2,000 2023