Business, 11.02.2020 16:23 kkcheers16

Marin Industries has the following patents on its December 31, 2019, balance sheet.

Patent Item Initial Cost Date Acquired Useful Life at Date Acquired
Patent A $45,696 3/1/16 17 years
Patent B $17,880 7/1/17 10 years
Patent C $25,920 9/1/18 4 years

The following events occurred during the year ended December 31, 2020.

1. Research and development costs of $254,000 were incurred during the year.
2. Patent D was purchased on July 1 for $29,184. 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 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 $2,100
2022 2,100
2023 2,100

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 Marin’ patents on its December 31, 2019, balance sheet.
b. Compute the total carrying amount of Marin' patents on its December 31, 2020, balance sheet.

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Marin Industries has the following patents on its December 31, 2019, balance sheet.

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