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Problem
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
2008-2009
Research conducted to develop precipitator
$366,000
Jan. 2010
Design and construction of a prototype
87,400
March 2010
Testing of models
42,000
Jan. 2011
Fees paid engineers and lawyers to prepare patent application;
patent granted June 30, 2011
68,000
Nov. 2012
Engineering activity necessary to advance the design of the
precipitator to the manufacturing stage
86,000
Dec. 2013
Legal fees paid to successfully defend precipitator patent
April 2014
Research aimed at modifying the design of the patented precipitator
43,000
July 2018
Legal fees paid in unsuccessful patent infringement suit against a competitor
Fields assumed a useful life of 17 years when it received the initial precipitator patent. On January 1, 2016, 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, 2011. (b) December 31, 2015. (c) December 31, 2018.
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