Tara Co$.$ purchased a patent from Venice Co$.$ for $$3,000,000$ on January $1,$ Year $1.$ The patent is being amortized over its remaining legal life of $10$ years, expiring on January $1,$ Year $11.$ During Year $3,$ Tara Co$.$ determined that the economic benefits of the patent would not last longer than $7$ years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December $31,$ Year $3?$

Also can Journal Entries be included with the answer. Please and thank you.