Pharoah Co. purchased a patent from Sheridan Co. for $985,800 on July 1,2023 and uses the straight-line method of amortization for the asset. Expenditures of $189,210 for successful litigation in defense of the patent were paid on July 1, 2026. Pharoah estimates that the useful life of the patent will be 20 years from the date of acquisition. Prepare a computation of the carrying amount of the patent at the company's December 31,2026 year-end