Shamrock industries had one patent recorded on its books as of january 1, 2020.this patent had a book value of $316,800 and a remaining useful life of 8 years. during 2020, shamrock incurred research and development costs of $93,000 and brought a patent infringement suit against a competitor. on december 1, 2020, shamrock received the good news that its patent was valid and that its competitor could not use the process shamrock had patented. the company incurred $119,000 to defend this patent.
1. at what amount should patent(s) be reported on the december 31, 2020, balance sheet, assuming monthly amortization of patents?