Brief Exercise 12-9 Splish Brothers Industries had one patent recorded on its books as of January 1, 2017. This patent had a book value of $480,000 and a remaining useful life of 8 years. During 2017, Splish Brothers incurred research and development costs of $92,000 and brought a patent infringement suit against a competitor. On December 1, 2017, Splish Brothers received the good news that its patent was valid and that its competitor could not use the process Splish Brothers had patented. The company incurred $127,500 to defend this patent. At what amount should patent(s) be reported on the December 31, 2017, balance sheet, assuming monthly amortization of patents? The amount to be reported & $