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Teal Mountain Industries has the following patents on its December 31, 2016, balance sheet.

Patent Item Initial Cost Date Acquired Useful Life at Date Acquired

Patent A $44,880 3/1/13 17 years

Patent B $17,400 7/1/14 10 years

Patent C $24,000 9/1/15 4 years

The following events occurred during the year ended December 31, 2017.

1. Research and development costs of $250,000 were incurred during the year.

2. Patent D was purchased on July 1 for $46,284. This patent has a useful life of 91/2 years.

3. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent Bs value may have occurred at December 31, 2017.The controller for Teal Mountain estimates the expected future cash flows from Patent B will be as follows.

Year Expected Future Cash Flows

2018 $1,900

2019 $1,900

2020 $1,900

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 Teal Mountain patents on its December 31, 2016, balance sheet. (Round answer to 0 decimal places, e.g. 8,564.) Total carrying amount $ Compute the total carrying amount of Teal Mountain' patents on its December 31, 2017, balance sheet. (Round answer to 0 decimal places, e.g. 8,564.) Total carrying amount $

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