For each of the accounting changes, errors, or prior period adjustment situations described below, prepare the journal entry or entries Thorne Company should record to correct the books at December 31, 2019 and/or properly reflect 2019s activity. Treat each situation independently and ignore any income tax effects unless otherwise stated.

Thorne had acquired a patent at a cost of $630,000 on October 1, 2017 has recorded amortization based on an estimated 15-year useful life. However, as of January 1, 2019 dramatic technological changes in the industry have forced management to conclude that the patent most likely has only 5 remaining years of utility. Assume the patent still has expected cash flows and fair value in excess of $630,000