KingbirdIndustries had one patent recorded on its books as of January 1, 2020. This patent had a book value of $249,600and a remaining useful life of8years. During 2020,Kingbirdincurred research and development costs of $90,000and brought a patent infringement suit against a competitor. On December 1, 2020,Kingbirdreceived the good news that its patent was valid and that its competitor could not use the processKingbirdhad patented. The company incurred $93,500to defend this patent. At what amount should patent(s) be reported on the December 31, 2020, balance sheet, assuming monthly amortization of patents?

The amount to be reported $______