Cullumber purchased a patent from Bakhshi Co. for $1.7 million on January 1,2021 . The patent expires on January 1,2031 , and Cullumber is amortizing it over the 10 years remaining in its legal life. During 2023 , Cullumber determined that the patent's economic benefits would not last longer than six years from the date of acquisition. What amount should be reported in the statement of financial position for the patent, net of accumulated amortization, at December 31,2023 ? Patent, net of accumulated amortization $ Cullumber bought a perpetual franchise from Carmody Inc. on January 1,2023 , for $610,000. Its carrying amount on Carmody's books at January 1,2023 , was $790,000. Assume that Cullumber 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 31,2023 ? Amortization expense $