Question 44 of 50 < > View Policies Current Attempt in Progress -/3 1 Pharoah Manufacturing Company acquired a patent on a manufacturing process on January 1, 2025 for $5200000. It was expected to have a 10-year life and no residual value. Pharoah uses straight-line amortization for patents. On December 31, 2026, the future cash flows expected from the patent were $440000 per year for the next eight years. The fair value of the patent is $2500000. At what amount should the patent be carried on the December 31, 2026 balance sheet? $3520000. $5200000. O $2500000. O $4160000.