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Skysong Industries had one patent recorded on its books as of January 1, 2020. This...

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Accounting

Skysong Industries had one patent recorded on its books as of January 1, 2020. This patent had a book value of $432,000 and a remaining useful life of 8 years. During 2020, Skysong incurred research and development costs of $93,000 and brought a patent infringement suit against a competitor. On December 1, 2020, Skysong received the good news that its patent was valid and that its competitor could not use the process Skysong had patented. The company incurred $110,500 to defend this patent. At what amount should patent(s) be reported on the December 31, 2020, balance sheet, assuming monthly amortization of patents?

The amount to be reported $Type your answer here

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