In January 2021. Crane Corporation purchased a patent for a new consumer product for $993000. At the time of purchase, the patent was valid for 15 years. Due to the competitive nature of the product, however, the patent was estimated to have a useful life of only 10 years, in 2026, the product was determined to be obsolete due to a competitors new product. What amount should Crane charge to expense for the patent during 2026 , assuming straight-line amortization is recorded at the end of each year? $66200. $496500. $99300. $662000. In January 2021. Crane Corporation purchased a patent for a new consumer product for $993000. At the time of purchase, the patent was valid for 15 years. Due to the competitive nature of the product, however, the patent was estimated to have a useful life of only 10 years, in 2026, the product was determined to be obsolete due to a competitors new product. What amount should Crane charge to expense for the patent during 2026 , assuming straight-line amortization is recorded at the end of each year? $66200. $496500. $99300. $662000