Vandelay Industries Ltd$.$ had one patent recorded on its books as at January $1,2020.$ This patent had a book value of $$365,000$ and a remaining useful life of eight years. During $2020,$ Vandelay incurred research costs of $$140,000$ and brought a patent infringement suit against a competitor. On December $1,2020,$ Vandelay received the good news that its patent was valid and that its competitor could not use the process Vandelay had patented. The company spent $$106,000$ to defend this patent.

Required

At what amount should the patent be reported on the December $31,2020$ statement of financial position, assuming monthly straight$-$line amortization of patents?