Tones Industries has the following patents on its December 31, 2013, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $52,224 3/1/10 17 years Patent B $23,760 7/1/11 10 years Patent C $33,600 9/1/12 4 years The following events occurred during the year ended December 31, 2014. 1. Research and development costs of $252,130 were incurred during the year. 2. Patent D was purchased on July 1 for $34,200. This patent has a useful life of 91/2 years. 3. 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 31, 2014. The controller for Tones estimates the expected future cash flows from Patent B will be as follows. Year Expected Future Cash Flows 2015 $2,020 2016 2,020 2017 2,020 The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the year.) (a) Compute the total carrying amount of Tones patents on its December 31, 2013, balance sheet