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Exercise 12-10 (Part Level Submission) Metlock Industries has the following patents on its December 31, 2016, balance sheet. Date Acquired Useful Life at Date Acquired 17 years 10 years 4 years Patent Initial Item Patent A Patent B Patent C Cost $41,412 $15,360 $15,840 The following events occurred during the year ended December 31, 2017 1. Research and development costs of $233,000 were incurred during the year. 2. Patent D was purchased on July 1 for $26,904. This patent has a useful life of 9/2 years. 3. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B's value may have occurred at December 31, 2017. The controller for Metlock estimates the expected future cash flows from Patent B will be as follows, Year 2018 2019 2020 Expected Future Cash Flows $1,950 1,950 1,950 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 Metlock' patents on its December 31, 2016, balance sheet. (Round answer to O decimal places, e.g. 8,564.) Total carrying amount Click if you would like to Show Work for this question: Open Show Work