Crane Inc. purchased a patent on January 1, 2023 for $530000. Crane did not record amortization expense on the patent for 2023 and 2024. At the purchase date, the expected useful life of the patent was 10 years. Ignoring income tax considerations, what is the entry made on December 31, 2025? Amortization Expense Retained Earnings Accumulated Depreciation Amortization Expense Patent Retained Earnings Patent Amortization Expense Retained Earnings Patent 53000 106000 159000 159000 53000 106000 159000 159000 11.5000 159000

Crane inc. purchased a patent on January 1,2023 for $530000. Crane did not record amortization expense on the patent for 2023 and 024. At the purchase date, the expected useful life of the patent was 10 years. Ignoring income tax considerations, what is the entry nade on December 31,2025