Thomas Industries has the following patents on its December 31, 2014, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $48,000 date acquired 3/1/11 20 years Patent B $19,200 date acquired 7/1/12 10 years Patent C $16,800 date acquired 9/1/13 8 years

The following events occurred during the year ended December 31, 2015. 1. Research and development costs of $347,000 were incurred during the year. 2. Patent D was purchased on July 1 for $10,800. This patent has a useful life of 12 years. 3. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B