Ivanhoe Manufacturing Company acquired a patent on a manufacturing process on January 1,2025 for $4500000. It was expected to have a 10-year life and no residual value. Ivanhoe uses straight-line amortization for patents. On December 31, 2026, the future cash flows expected from the patent were $300000 per year for the next eight years. The fair value of the patent is $1600000. At what amount should the patent be carried on the December 31,2026 balance shect? $1600000 $3600000 $4500000. $2400000