Exercise 12-04 Partially correct answer. Your answer is partially correct. Try again. Presented below is selected information for Cullumber Company. Answer the questions asked about each of the factual situations. (Do not leave any answer field blank. Enter 0 for amounts.) 1. Cullumber purchased a patent from Vania Co. for $1,340,000 on January 1, 2018. The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, 2028. During 2020, Cullumber determined that the economic benefits of the patent would not last longer than 6 years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2020? The amount to be reported $enter the dollar amount to be reported

incorrect answer 670000