Current Attempt in Progress * Your answer is incorrect. Kingbird Industries had one patent recorded on its books as of January 1, 2025. This patent had a book value of $249,600 and a remaining useful life of 8 years. During 2025, Kingbird incurred research and development costs of $90,000 and brought a patent infringement suit against a competitor. On December 1, 2025, Kingbird received the good news that its patent was valid and that its competitor could not use the process Kingbird had patented. The company incurred $93,500 to defend this patent. At what amount should patent(s) be reported on the December 31, 2025, balance sheet, assuming monthly amortization of patents? (Round all computations and the final answer to zero decimal places.) The amount to be reported $ 124700

Kingbird Industries had one patent recorded on its books as of January 1,2025. This patent had a book value of $249,600 and a remaining useful life of 8 years. During 2025 , Kingbird incurred research and development costs of $90,000 and brought a patent infringement suit against a competitor. On December 1,2025. Kingbird received the good news that its patent was valid and that its competitor could not use the process Kingbird had patented. The company incurred $93,500 to defend this patent. At what amount should patent(s) be reported on the December 31, 2025, balance sheet, assuming monthly amortization of patents? (Round all computations and the final answer to zero decimal places.) The amount to be reported $