Larkspur Industries has the following patents on its December 31. 2019, balance sheet. Initial Cost Date Acquired Useful Life at Date Acquired Patent Item Patent A $45,492 3/1/16 17 years 7/1/17 10 years Patent8 $17,760 PatentC $25,440 9/1/18 4years The following events occurred during the year ended December 31, 2020. 1. Research and development costs of $253,000 were incurred during the year. 2. Patent Dwas purchased on July 1 for $43,092. This patent has a useful life of 9/2years. 3. Asaresult of reduced demands for certain products protected by Patent B, a possible impairment of Patent B's value may have occurred at December 31, 2020. The controller for Larkspur estimates the expected future cash flows from Patent B will be as follows. Year Expected Future Cash Flows 2021 $2.0s0 2022 2.0s0 2023 2.0s0 The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the year.) Compute the total carrying amount of Larkspur' patents on its December 31, 2019, balance sheet. Total carrying amount Compute the total carrying amount of Larkspur' patents on its December 31, 2020, balance sheet. Total carrying amount

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