3. On March 31, 2012, GO B acquired a patent for manufacturing non-allergic ear muffs. GOB paid $1,500,000 for the patent. At the time of acquisition, the patent had an estimated life of 10 years. On December 31 2017, the CEO estimated that the market value of the patent, if sold that day, would have been $2.000,000. (4 points) What amount would be presented on GOB's December 31, 2017 balance sheet for the value of the patent? What amount should be recorded as amortization in fiscal year 2017? a. b. Item Book Value of Patent Date/Period Amount 12/31/2017 Fiscal year 2017 Patent Amortization