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What is the carrying amount of Presto patents on December

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Reference no: EM132431782

Question - 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?

Reference no: EM132431782

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