Problem: The following patents were on Presto's balance sheet as of December 31, 2018.
Patent Item Initial Cost Date Acquired Useful Life At Date Acquired
Patent 421 $30,600 3/1/15 17 years
Patent 183 $20,000 7/1/16 10 years
Patent 709 $15,500 9/1/18 5 years
In 2019, Presto had the following occur:
Research and development costs of $245,700 were incurred during the year.
Patent 820 was purchased on July 1, 2019 for $37,480. This patent was recorded as having a useful life of 9 ½ years.
What is the carrying amount of Presto's patents on December 31, 2019?
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