Cullumber Industries had one patent recorded on its books as of January 1, 2021. This patent had a carrying amount of $282,240 and a remaining useful life of 7 years. During 2021, Cullumber brought a patent infringement suit against a competitor. On October 1, 2021, Cullumber received the good news that its patent was valid and that its competitor could not use the process Cullumber had patented. The company incurred $84,600 to defend the patent. Compute the carrying amount of the patent that would be reported on the December 31, 2021, balance sheet, assuming monthly amortization of carrying value of the patents.

Patent

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