On 1/1/2014, Able Corporation purchased Frame, Inc. for $14,500,000. Frame had one asset, a patent, with fair value of $600,000 and a book value of $10,000. The patent has a remaining useful life of 10 years. Frame continued to operate after the purchase, and on 12/31/2014, Able is preparing consolidated statements for the year. At what amount should the patent be shown on Able's  consolidated balance sheet on 12/31/2014?

choose answer below:

$600,000

$590,000

$10,000

$540,000

$9,000

Answer rating: 100% (QA)

The detailed answer for the above question is provided below The correct answer is b 590000 Heres th... View the full answer