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On January 1, 2020, Grand Haven, Inc., reports net assets of $911,550 although equipment (with...

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Accounting

On January 1, 2020, Grand Haven, Inc., reports net assets of $911,550 although equipment (with a four-year remaining life) having a book value of $482,000 is worth $566,750 and an unrecorded patent is valued at $46,800. Van Buren Corporation pays $834,480 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, 2021?

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