(Answered) Nieland industries had one patent recorded on its book as

Accounting

Nieland Industries had one patent recorded on its book as of January 1, 2014. This patent had a book value of $ 342,720 and a remaining useful life of 8 years. During 2014, Neiland incurrerd research and development cost of $ 105,520 and brought a patent infringement suit against a competitor. On December 1, 2014, Nieland received the good news that its patent was valid and that its competitor could not use the process Nieland had patented. The company incurred $ 100,300 to defend this patent.

At what amount should patent(s) be reported on the December 31, 2014, balance sheet, assuming monthly amortization of patents?

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