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Current Attempt in Progress Kingbird Industries has the following patents on its December 31, 2024,...

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Accounting

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Current Attempt in Progress Kingbird Industries has the following patents on its December 31, 2024, balance sheet. The following events occurred during the vear ended December 31, 2025. 1. Research and development costs of $249,000 were incurred during the year. 2. Patent D was purchased on July 1 for $46,512. This patent has ausetul life of 91/2 years: 3. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B's value may have occurred at December 31, 2025. The controller for Kingbird estimates the expected future cash flows from Patent 8 will besas follows. The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the vear) Click here to view factor tables: (a) Compute the total carrying amount of Kingbirds patents on its December 31,2024 , balance sheet (Round ansmer fo 0 decimal places, es 5,125.) Total carrvine amount

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