Kingbird Industries had one patent recorded on its books as of January 1, 2017. This patent had a book value of $ 220,800 and a remaining useful life of 8 years. During 2017, Kingbird incurred research and development costs of $ 91,000 and brought a patent infringement suit against a competitor. On December 1, 2017, Kingbird received the good news that its patent was valid and that its competitor could not use the process Kingbird had patented. The company incurred $ 119,000 to defend this patent. At what amount should patent(s) be reported on the December 31, 2017, balance sheet, assuming monthly amortization of patents?

The amount to be reported $ ?