Ivanhoe Company discovered an error in its accounting records in 2021. Ivanhoe acquired patents costing $660,000 on January 1, 2019. The patents have been amortized on a straight-line basis over their 15-year legal life. However, Ivanhoe's accountant neglected to obtain an estimate of the patent's economic life, which was only 5 years. Ivanhoe Company used a calendar fiscal-year and was subject to a 30% tax rate and follows ASPE. Prepare the journal entries to correct the accounting error and record patent amortization for 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit (To record correction of error.) (To record amortization expense.)