Ivanhoe purchased a patent from Bakhshi Co. for $1.6 million on January 1, 2021. The patent expires on January 1,2031 , and Ivanhoe is amortizing it over the 10 years remaining in its legal life. During 2023, Ivanhoe determined that the patent's economic benefits would not last longer than sixyears from the date of acquisition. What amount should be reported in the statement of financial position for the patent, net of accumulated amortization, at December 31,2023 ? Patent, net of accumulated amortization