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Tones Industries has the following patents on its December 31, 2016, balance sheet.
Tones Industries has the following patents on its December 31, 2016, balance sheet.
Patent Item
Initial Cost
Date Acquired
Useful Life at Date Acquired
Patent A$30,6003/1/1317 yearsPatent B$15,0007/1/1410 yearsPatent C$14,4009/1/154 years
The following events occurred during the year ended December 31, 2017.
1.Research and development costs of $245,700 were incurred during the year.2.Patent D was purchased on July 1 for $36,480. 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, 2017. The controller for Tones estimates the expected future cash flows from Patent B will be as follows.
Compute the total carrying amount of Tones' patents on its December 31, 2016, balance sheet.
