View PoliciesShow Attempt HistoryCurrent Attempt in ProgressYour answer is incorrect.Marin Industries had one patent recorded on its books as of January 1,2028. This patent had a book value of $288,000 and a remaining useful life of 8 years. During 2028, Marin incurred research and development costs of $94,000 and brought a patent infringement sult agalnst a competitor. On December 1,2028, Marin received the good news that its patent was valid and that its competitor could not use the process Marin had patented. The company incurred $85,000 to defend this patent. At what amount should patent(s) be reported on the December 31,2028, balance sheet, assuming monthly amortization of patents? (Round all computations and the final answer to zero decimal places.)The amount to be reported $ eTextbook and MediaAttempts: 2 of 3 used