1112 brendan inc reports net assets of 760000 although

Reference no: EM13600686

1/1/12 Brendan Inc. reports net assets of $760,000 although equipment (with a 4 year life) having a book value of $440,000 is worth $500,000 and an unrecorded patent is valued at $45,000. Hope Corporation pays $692,000 on that date for 80% ownership in Brendan. If the patent is to be written off over a 10-year period, at what amount should it be reported on consolidated statements at Dec. 31, 2013?

Reference no: EM13600686

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