The following is selected information for Blossom Company.Answer the questions asked about each of the factual situations. (Do not leave any answer field blank. Enter 0 for amounts.)
1. Blossom purchased a patent from Vania Co. for $1,100,000 on January 1, 2023. The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, 2033. During 2025, Blossom 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, 2025?