Ivanhoe Company acquired a patent on an oil extraction technique on January 1, 2020 for $7600000. It was expected to have a 10 year life and no residual value. Ivanhoe uses straight-line amortization for patents. On December 31, 2021, the future cash flows expected from the patent were $930000 per year for the next eight years. The present value of these cash flows, discounted at Ivanhoe's market interest rate, is $4250000. At what amount should the patent be carried on the December 31, 2021 balance sheet? $7440000. O $4250000 O $7600000. O $6080000