Blossom bought a perpetual franchise from Carmody Inc. on January 1, 2020, for $670,000. Its carrying amount on Carmodys books at January 1, 2020, was $720,000. Assume that Blossom can only provide evidence of clearly identifiable cash flows for 25 years, but thinks the franchise could have value for up to 60 years. What amount of amortization expense should be reported for the year ended December 31, 2020?

Amortization expense

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