Marin Industries had one patent recorded on its books as of January 1, 2022. This...
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Marin Industries had one patent recorded on its books as of January 1, 2022. This patent had a book value of $368,640 and a remaining useful life of 8 years. During 2022, Marin incurred research costs of $122,880 and brought a patent infringement suit against a competitor. On December 1, 2022, Marin received the good news that its patent was valid and that its competitor could not use the process Marin had patented. The company incurred $108,800 to defend this patent. At what amount should the patent(s) be reported on the December 31, 2022, statement of financial position, assuming monthly amortization of patents?
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