O'hara Incorporated is an innovative company that holds a valuable patent (No. 782) for Wheelz, an...

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O'hara Incorporated is an innovative company that holds a valuable patent (No. 782) for Wheelz, an electronic system that provides roller-blading instructions with real-time feedback. The history of patent No. 782 is detailed below: Date Activity Cost Research conducted to 2016-2017 $538,500 develop Wheelz Design and construction of Oct 2018 211,000 prototype Feb 2019 Testing of models 65,000 Costs (engineering and legal fees) associated with patent Aug 2019 50,400 application; patent granted September 30, 2019 Mar 2020 July 2021 Engineering activity to advance the prototype to the 256,000 manufacturing stage Legal fees paid in unsuccessful attempt to 23,000 broaden the patent's coverage R&D to advance the real- Oct 2023 165,000 time feedback component Legal fees paid to Jan 2026 successfully defend the 20,500 patent against a competitor O'hara assumed a useful life of 14 years when it received the initial patent. On January 1, 2024, it revised its useful life estimate downward to 6 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. Hint: pay attention to the timing of each event and update the carrying value to calculate the revised amortization as needed. 1. What is the carrying value of the patent on December 31, 2019? [Select] 2. What is the carrying value of the patent on December 31, 2023? [Select] 3. What is the carrying value of the patent on December 31, 2026? [Select] O'hara Incorporated is an innovative company that holds a valuable patent (No. 782) for Wheelz, an electronic system that provides roller-blading instructions with real-time feedback. The history of patent No. 782 is detailed below: Date Activity Cost Research conducted to 2016-2017 $538,500 develop Wheelz Design and construction of Oct 2018 211,000 prototype Feb 2019 Testing of models 65,000 Costs (engineering and legal fees) associated with patent Aug 2019 50,400 application; patent granted September 30, 2019 Mar 2020 July 2021 Engineering activity to advance the prototype to the 256,000 manufacturing stage Legal fees paid in unsuccessful attempt to 23,000 broaden the patent's coverage R&D to advance the real- Oct 2023 165,000 time feedback component Legal fees paid to Jan 2026 successfully defend the 20,500 patent against a competitor O'hara assumed a useful life of 14 years when it received the initial patent. On January 1, 2024, it revised its useful life estimate downward to 6 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. Hint: pay attention to the timing of each event and update the carrying value to calculate the revised amortization as needed. 1. What is the carrying value of the patent on December 31, 2019? [Select] 2. What is the carrying value of the patent on December 31, 2023? [Select] 3. What is the carrying value of the patent on December 31, 2026? [Select]