McGuire Company acquired 90 percent of Hogan Company on January 1, 2014, for $234,000 cash. This amount is reflective of Hogan's total fair value. Hogan's stockholders' equity consisted of common stock of $160,000 and retained earnings of $80,000. An analysis of Hogan's net assets revealed the following: Any excess consideration transferred over fair value is attributable to an unamortized patent with a useful life of 5 years. In consolidation at December 31,2014 , what net adjustment is necessary for Hogan's Patent account? Any excess consideration transferred over fair value is attributable to an unamortized patent with a useful life of 5 years. In consolidation at December 31,2014 , what net adjustment is necessary for Hogan's Patent account? $5,600. (B) $8,800. $7,000. $7,700. (E) No adjustment is necessary