Bountiful 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, Bountiful incurred research costs of $140,000 and brought a patent infringement suit against a competitor. On December 1, 2020, Bountiful received the good news that its patent was valid and that its competitor could not use the process Bountiful had patented. The company spent $106,000 to defend this patent. At what amount should the patent be reported on the December 31, 2020 statement of financial position, assuming monthly straight-line amortization of patents? Round amortization amounts to the nearest dollar.