Question: Hi, please I need help for the following exercise: Vandelay Industries Ltd. had one patent recorded on its books as at January 1, 2018. This

Hi, please I need help for the following exercise:

Vandelay Industries Ltd. had one patent recorded on its books as at January 1, 2018. This patent had a book value of $365,000 and a remaining useful life of eight years. During 2018, Vandelay incurred research costs of $140,000 and brought a patent infringement suit against a competitor. On December 1, 2018, Vandelay received the good news that its patent was valid and that its competitor could not use the process Vandelay had patented. The company spent $106,000 to defend this patent.

I need to know, At what amount should the patent be reported on the December 31, 2018 statement of financial position, assuming monthly straight-line amortization of patents?

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