In January 2020, ORD Co. purchased a patent from a research institution for $550,000. The patent was estimated to have a useful life of 10 years and a remaining legal life of 15 years. In late December 2021, ORD Co. defended the patent in legal proceedings and successfully retained rights of ownership of the patent. The estimated life of the patent did not change from its original estimate. Legal expenses were $44,000.

Determine the carrying value of the patent on December 31, 2021