Teal Mountain had one patent recorded on its books as of January 1, 2017. This patent had a book value of $136,080 and a remaining useful life of 6 years. During 2017, Teal incurred research and development costs of $205,700 related to this patent and was sued by a competitor to nullify the patent. On September 1, 2017, the Court found that Teals patent was valid and that its competitor could not use the process Teal had patented. The company incurred $60,160 to defend this patent. At what amount should patent(s) be reported on the December 31, 2017, balance sheet, assuming monthly amortization of patents?

Carrying amount 12/31/17

$enter the Carrying amount on December 31, 2017 in dollars

Question 2 of 9 - 71 TIL View Policies Current Attempt in Progress Teal Mountain had one patent recorded on its books as of January 1, 2017. This patent had a book value of $136,080 and a remaining useful life of 6 years. During 2017, Teal incurred research and development costs of $205,700 related to this patent and was sued by a competitor to nullify the patent. On September 1, 2017, the Court found that Teal's patent was valid and that its competitor could not use the process Teal had patented. The company incurred $60,160 to defend this patent. At what amount should patent(s) be reported on the December 31, 2017, balance sheet, assuming monthly amortization of patents? Carrying amount 12/31/17 $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit