On February 12, 2022, Radagast Woods, Inc. purchased the right to remove timber from a 11,000-acre tract of land over the next three years. The accountants for the company estimate that the will be no residual value. The timber is to be sold as lumber for custom furniture. The cost of the timber rights was $228,000, with estimated salable timber feet of 760,000. During 2022 and 2023, Radagast harvested and sold 610,000 feet of timber. The company uses the units-of-production method for this type of asset. What would be reported as the book value of these timber rights as of December 31, 2023?