8. On January 1, 2019, Riley developed a new manufacturing process, incurring research and development costs of $102,000. The company also purchased a patent for $37.400. In early January, Riley recorded $139,400 as the cost of the patents. Patent amortization expense was recorded based on a patent's maximum legal life, although the patent purchased had a remaining useful life of only 10 years. Assuming Riley reported net income before the costs associated with the intangibles of $350,000, what is the amount of net income reported by Riley and what is the correct net income for 2019? Reported Net Income $ 343,030 $343,030 $ 343,030 $ 210,600 $ 210,600 Correct Net Income $210,600 $341,160 $244,260 $348,130 $336,060