During2014Dylan Co.incurred$880,000of research and development costs to develop a product for which a patent was granted on October1,2014.The patent is expected to have a useful life of8years from the date it was obtained.Dylan Co.also paid$240,000for legal fees to obtain the patent.What is the amount of research and development expense for 2014?

Answer: $880,000

Using the information from the previous question, what amount should be reported, net of amortization, for any intangible asset on the December 31, 2014 Balance Sheet???????