Fehr Co. purchased a patent from Wells Co. for $180,000 on July 1, 2005. Expenditures of $51,000 for successful litigation in defense of the patent were paid on July 1, 2008. Fehr estimates that the useful life of the patent will be 20 years from the date of acquisition. Directions (5 points): Prepare a computation of the carrying value of the patent as of December 31, 2008 on a separate Excel spreadsheet as directed on the Problem Set 3 directions.