Question
Marin Industries had one patent recorded on its books as of January 1, 2025. This patent had a book value of 02,100 and a remaining
Marin Industries had one patent recorded on its books as of January 1, 2025. This patent had a book value of 02,100 and a remaining useful life of 8 years. During 2025, Marin incurred research and development costs 593,000 and brought a patent infringement suit against a competitor. On December 1, 2025, Marin reived the good news that its patent was valid and that its competitor could not use the process Marin had tented. The company incurred $127,500 to defend this patent. At what amount should patent(s) be ported on the December 31, 2025, balance sheet, assuming monthly amortization of patents? (Round all mputations and the final answer to zero decimal places.)
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