During the year ended December 31, 2014, Callaway Co. incurred research and development costs of $400,000 in its laboratories relating to a patent that was granted on July 1, 2015. Costs of registering the patent equaled $80,000. The patents legal life is 20 years, and its estimated economic life is 5 years. In its December 31, 2015 balance sheet, what amount should Callaway report for the patent, net of accumulated amortization?

$60,000.

$72,000.

$332,000.

$360,000