Tamarisk Industries had one patent recorded on its books as of January 1, 2017. This patent had a book value of $364,800and a remaining useful life of8years. During 2017, Tamarisk incurred research and development costs of $93,000and brought a patent infringement suit against a competitor. On December 1, 2017, Tamarisk received the good news that its patent was valid and that its competitor could not use the process Tamarisk had patented. The company incurred $119,000to defend this patent. At what amount should patent(s) be reported on the December 31, 2017, balance sheet, assuming monthly amortization of patents?