McGuire Company acquired 90 percent of Hogan Company on January 1, 2010, 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:
Book Value Fair value
Buildings(10 yr life) $10,000 $8,000
Equipment(4 yr life) $14,000 $18,000
Land $5,000 $12,000
Any excess consideration transferred over fair value is attributable to an unamortized patent with a useful life of 5 years.
In consolidation at January 1, 2010, what adjustment is necessary for Hogan's Patent account?