On January 1 of Year 1, a company purchased a patent for $400,000. The patent had an original legal life of 20 years, but only eight years remained on the date the patent was purchased. The patent is expected to have continuing economic value during this eight years. The patent is assumed to have zero salvage value at the end of its economic useful life. The company uses straight-line amortization.

What is the book value of this patent at the end of Year 3?