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Patents
    Fields Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Fields does not manufacture or sell the products and processes it develops. Instead, it conducts research and develops products and processes which it patents, and then assigns the patents to manufacturers on a royalty basis. Occasionally it sells a patent. The history of Fields patent number 758-6002-1A is as follows.
        Date:    Activity:                Cost:
        2009-2011    Research conducted to develop precipitator                $400,000
        Jan 1. 2013    Fees paid engineers and lawyers to prepare patent
application; patent granted Jan 1, 2012                500,000
        Dec 31. 2015    Legal fees paid to successfully defend precipitator
patent                74,800
        April 1 2016    Research aimed at modifying the design of the
patented precipitator                55,000
        July 1 2020    Legal fees paid in unsuccessful patent infringement
suit against a competitor                34,000
    Fields assumed a useful life of            20    years when it received the initial precipitator
    patent. On January 1, 2018, it revised its useful life estimate downward to                        6
    remaining years. Amortization is computed for a full year if the cost is incurred prior to July 1, and no amortization for the year if the cost is incurred after June 30. The...