Metlock Industries had one patent recorded on its books as of January 1, 2025. This patent had a book value of $374,400 and a remaining useful life of 8 years. During 2025 , Metlock incurred research and development costs of $98,000 and brought a patent infringement suit against a competitor. On December 1, 2025, Metlock received the good news that its patent was valid and that its competitor could not use the process Metlock had patented. The company incurred $93,500 to defend this patent. At what amount should patent(s) be reported on the December 31,2025 , balance sheet, assuming monthly amortization of patents? Metlock Industries had one patent recorded on its books as of January 1, 2025. This patent had a book value of $374,400 and a remaining useful life of 8 years. During 2025 , Metlock incurred research and development costs of $98,000 and brought a patent infringement suit against a competitor. On December 1, 2025, Metlock received the good news that its patent was valid and that its competitor could not use the process Metlock had patented. The company incurred $93,500 to defend this patent. At what amount should patent(s) be reported on the December 31,2025 , balance sheet, assuming monthly amortization of patents