On January 1, 2021, Crookshanks Designs purchased a patent for $312,000 giving it exclusive rights to manufacture a new type of synthetic clothing. While the patent had a remaining legal life of 15 years at the time of purchase, Crookshanks expects the useful life to be only eight more years. In addition, Crookshanks purchased equipment related to production of the new clothing for $148,000. The equipment has a physical life of 10 years, but Crookshanks plans to use the equipment only over the patent's service life and then sell it for an estimated $42,000. Crookshanks uses straight-line for all long-term assets. What amount of expense related to the patent and equipment should be recorded in 2024? 2024 expense