b) ABC industry has the following patents on its December 31, 2017, Balance sheet: Patent Item Initial Cost(BDT)Date Acquired 1/3/14 of Useful life 17 years 10 years 4 years Patent A Patent B Patent C...

Extracted text: b) ABC industry has the following patents on its December 31, 2017, Balance sheet: Patent Item Initial Cost(BDT)Date Acquired 1/3/14 of Useful life 17 years 10 years 4 years Patent A Patent B Patent C 30,000 15,000 14,400 1/7/15 1/9/16 The following events occurred during the year ended December 31, 2018: 1) Research and Development costs of Tk. 2,45,700 were incurred during the year. 2) Patent D was purchased on July 1, for Tk. 36,480. This patent has a useful life of 9.5 years. 3) As a result of reduced demands of certain products protected by patent B, a possible impairment of patent B,s value may have occurred at December 31,2018. The controller of ABC Industry estimates the expected future cash flows from patent B will be as follows: Year 2019 2020 2021 Expected Future cash flows(BDT) | 2,000 2,000 2,000 The proper discount rate to be used for these cash flows is 8% (Assume the cash flows occur at the end of the year) Requirements: Compute the total carrying amount of ABC'spatents on its December 31, 2017, balance sheet. Compute the total carrying amount of ABC'spatents on its December 31, 2018, balance sheet.