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Dial Corporation was organized in 2013. Its accounting records include only one account for all intangible assets. The following is a summary of the entries that have been recorded and posted during the year 2014: Intangibles 1/2/14 Acquired patent with a useful life of 10 years 444000 3/1 Cost of developing a secret formula 450000 7/1 Legal fees for successful defense of patent 75900 10/1 Research and development costs on a new project 960000 The carrying amount of the patent on December 31, 2014 is