Skysong industries had one patent recorded on its books as of january 1, 2020. this patent had a book value of $432,000 and a remaining useful life of 8 years. during 2020, skysong incurred research and development costs of $93,000 and brought a patent infringement suit against a competitor. on december 1, 2020, skysong received the good news that its patent was valid and that its competitor could not use the process skysong had patented. the company incurred $110,500 to defend this patent. at what amount should patent(s) be reported on the december 31, 2020, balance sheet, assuming monthly amortization of patents?