On January 2,2023 , Ivanhoe, Inc. purchased a patent for a new consumer product for $700000. At the time of purchase, the patent was valid for 15 years; however, the patent's useful life was estimated to be only 10 years due to the competitive nature of the product. On December 31,2026 , the product was permanently withdrawn from the market under governmental order because of a potential health hazard in the product. What amount should lvanhoe charge against income during 2026, assuming amortization is recorded at the company's December year-end and the straight-line method is used? $420000$70000$560000$490000