A B C D E Formula: Multiply, Divide, Subtract; Cell Referencing 2 3 BE12.9- Using Excel to Calculate the Carrying Value of a Patent 4 PROBLEM 5 Nieland Industries had one patent recorded on its books as of January 1, 2020. 6 Additional information concerning this patent follows. 7 8 9 Book value, January 1, 2020 Remaining useful life $ 288,000 8 years 10 1 During 2020, Nieland incurred research and development costs and brought a 2 patent infringement suit against a competitor. On December 1, 2020, Nieland 3 received the good news that its patent was valid and that its competitor could 14 not use the process Nieland had patented. Cost information concerning these 15 items follows: 16 17 18 19 20 21 22 23 24 Research and development costs Patent infringement defense costs $ 96,000 85,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem area for the first three calculations, and to this work area for the last calculation. At what amount should patent(s) be reported on the December 31, 2020, balance sheet, assuming monthly amortization of patents? Carrying amount at December 31, 2020 before amortization Amortization of book value of original cost Amortization of additional cost(s) Carrying amount, Deceml 31, 2020