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Question - Fields Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Fields does not manufacture or sell the products and processes it develops. Instead, it conducts research and develops products and processes which it patents, and then assigns the patents to manufacturers on a royalty basis. Occasionally it sells a patent. The history of Fields patent number 758-6002-1A is as follows.
Date
Activity
Cost
2005-2006
Research conducted to develop precipitator
$382,750
Jan. 2007
Design and construction of a prototype
85,160
March 2007
Testing of models
69,160
Jan. 2008
Fees paid engineers and lawyers to prepare patent
application; patent granted June 30, 2008
87,380
Nov. 2009
Engineering activity necessary to advance the design
of the precipitator to the manufacturing stage
80,790
Dec. 2010
Legal fees paid to successfully defend precipitator patent
April 2011
Research aimed at modifying the design of the
patented precipitator
70,640
July 2015
Legal fees paid in unsuccessful patent infringement suit
against a competitor
60,730
Fields assumed a useful life of 17 years when it received the initial precipitator patent. On January 1, 2013, it revised its useful life estimate downward to 5 remaining years. Amortization is computed for a full year if the cost is incurred prior to July 1, and no amortization for the year if the cost is incurred after June 30. The company's year ends December 31.
Compute the carrying value of patent No. 758-6002-1A on each of the following dates:
(a) December 31, 2008
(b) December 31, 2012
(c) December 31, 2015
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