Carrying Value of Patent
on July 1, 2017, Dominica Corp $\bold{Instructions}$

Essay

Carrying value of patent
On July 1, 2017, Dominica Corp. purchased a patent from Surama Ltd. for $ 60,000. On July 1, 2020, Dominica paid $ 12,000 for successful litigation in defence of the patent. Dominica estimates that the useful life of the patent will be 15 years from the date of acquisition.
$\bold{Instructions}$
Prepare a calculation of the carrying value of the patent at December 31, 2020. Label all calculations.