The following patents were on Presto’s balance sheet as of December 31, 2018.
| PATENT ITEM | INITIAL COST | DATE ACQUIRED | USEFUL LIFE AT DATE ACQUIRED |
| Patent 421 | $30,600 | 3/1/15 | 17 years |
| Patent 183 | $20,000 | 7/1/16 | 10 years |
| Patent 709 | $15,500 | 9/1/18 | 5 years |
In 2019, Presto had the following occur:
- Research and development costs of $245,700 were incurred during the year.
- Patent 820 was purchased on July 1, 2019 for $37,480. This patent was recorded as having a useful life of 9 ½ years.
What is the carrying amount of Presto’s patents on December 31, 2019?
