Nieland Industries had one patent recorded on its books as of January 1, 2015. This patent had a book value of \($288\),000 and a remaining useful life of 8 years. During 2015, Nieland incurred research costs of

\($96\),000 and brought a patent infringement suit against a competitor. On December 1, 2015, Nieland received the good news that its patent was valid and that its competitor could not use the process Nieland had patented. The company incurred \($85\),000 to defend this patent. At what amount should the patent(s) be reported on the December 31, 2015, statement of financial position, assuming monthly amortization of patents?