E 11-21 Change in estimate; useful life of patent LO11-4, LO11-5 Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the patent on a straight-line basis since 2020, when it was acquired at a cost of $9 million at the beginning of that year. Due to rapid technological advances in the industry, management decided that the patent would benefit the company over a total of six years rather than the nine-year life being used to amortize its cost. The decision was made at the beginning of 2024. Required: Prepare the year-end journal entry for patent amortization in 2024 . No amortization was recorded during the year