Ford Motor Company Data for the year ended December 31, 2023:

Item	Amount
Intangible Assets Cost	$40,000,000
Accumulated Amortization	$16,000,000
Estimated Remaining Useful Life	8 years
Annual Amortization Expense	$5,000,000

1. Calculate the book value of intangible assets.
2. Determine the new amortization expense if the remaining useful life is reduced to 6 years.
3. Discuss the financial statement impact of this change in estimate.
4. Explain how the Conservatism Principle justifies changes in amortization expense.
5. How should Ford record the change in amortization expense?