Bramble Company acquired a patent on a manufacturing process on January 1,2021 for $5114040. It was expected to have a 12 year life and no residual value. Bramble uses straight-line amortization for patents, On December 31,2022 , the expected future cash flows from the patent are $397500 per year for the next ten years. The present value of these cash flows, discounted at Bramble's market interest rate, is $3042000. At what amount should the patent be carried on the December 31,2022 balance sheet? $4261700 $3042000 $5114040 $3975000