Tones Industries has the following patents on its December 31, 2013, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired The following events occurred during the year ended December 31, 2014. Solution Compute the total carrying amount of Tones .

1. Tones Industries has the following patents on its December 31, 2013, balance sheet.
Patent Item
Initial Cost
Date Acquired
Useful Life at Date Acquired
The following events occurred during the year ended December 31, 2014.
Patent Item Initial Cost Date Acquired Useful Life at Date Acquired
Patent A $42,024 3/1/10 17 years
Patent B $16,080 7/1/11 10 years
Patent C $25,440 9/1/12 4 years
Solution
Compute the total carrying amount of Tones