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On January 1, 2017, Grand Haven, Inc., reports net assets of $933,350 although equipment (with...

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Accounting

On January 1, 2017, Grand Haven, Inc., reports net assets of $933,350 although equipment (with a four-year remaining life) having a book value of $512,000 is worth $582,750 and an unrecorded patent is valued at $46,350. Van Buren Corporation pays $840,360 on that date to acquire an 80 percent equity ownership in Grand Haven. If the patent has a remaining life of nine years, at what amount should the patent be reported on Van Buren's consolidated balance sheet at December 31, 2018?

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