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Assignment help 1036

Tamarisk Industries had one patent recorded on its books as of January 1, 2017. This patent had a book value of $364,800 and a remaining useful life of 8 years. During 2017, Tamarisk incurred research and development costs of $93,000 and brought a patent infringement suit against a competitor. On December 1, 2017, Tamarisk received the good news that its patent was valid and that its competitor could not use the process Tamarisk had patented. The company incurred $119,000 to defend this patent. At what amount should patent(s) be reported on the December 31, 2017, balance sheet, assuming monthly amortization of patents?

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