Cullumber Co. purchased a patent from Blossom Co. for $1,060,200 on July 1, 2023 and uses...

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Cullumber Co. purchased a patent from Blossom Co. for $1,060,200 on July 1, 2023 and uses the straight-line method of amortization for the asset. Expenditures of $203,490 for successful litigation in defense of the patent were paid on July 1, 2026. Cullumber estimates that the useful life of the patent will be 20 years from the date of acquisition. Prepare a computation of the carrying amount of the patent at the company's December 31, 2026 year-end. $ > > > > > $ +A Cullumber Co. purchased a patent from Blossom Co. for $1,060,200 on July 1, 2023 and uses the straight-line method of amortization for the asset. Expenditures of $203,490 for successful litigation in defense of the patent were paid on July 1, 2026. Cullumber estimates that the useful life of the patent will be 20 years from the date of acquisition. Prepare a computation of the carrying amount of the patent at the company's December 31, 2026 year-end. $ > > > > > $ +A