Useful Life at Date Patent Initial Date Item Cost Acquired Acquired $42,024 Patent A 3/1/16 17 years 7/1/17 Patent B $15,720 10 years Patent C 9/1/18 $17,280 4 years The following events occurred during the year ended December 31, 2020 1. Research and development costs of $236,000 were incurred during the year. 2, Patent D was purchased on July 1 for $47,310. This patent has a useful life of 92 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, 2020. The controller for Skysong estimates the expected future cash flows from Patent B will be as follows Year Expected Future Cash Flows 2021 $2,100 2022 2,100 2,100 2023 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 Compute the total carrying amount of Skysong' patents on its December 31, 2019, balance sheet Total carrying amount Compute the total carrying amount of Skysong' patents on its December 31, 2020, balance sheet