Function: SUM; Formula: Multiply, Divide, Subtract; Cell Referencing BE12.6 - Using Excel to Calculate the Carrying Value of a Patent PROBLEM Bountiful Industries Ltd. had one patent recorded on its books as of January 1, 2023. Additional information concerning this patent follows. Student Work Required: Provide input into cells shade mathematical formulas with cell referen- first three calculations, and to this work Book value, January 1, 2023 Remaining useful life $ 365,000 8 years At what amount should the patent be re 2023 statement of financial position, ass amortization of patents? During 2023, Bountiful incurred research and development costs and brought a patent infringement suit against a competitor. On December 1, 2023, Bountiful received the good news that its patent was valid and that its competitor could not use the process Bountiful had patented. Cost information concerning these items follows: Research and development costs Patent infringement defense costs $ 140,000 106,000 Patent (1/1/23) Research and deve Carrying Amount $ 365,000 106,000 $ 471,000 Carrying amount Amortization of patent Amortization of additional cost(s)