A company purchased a patent for $500,000 on January 1, 2021, with a remaining legal life of 10 years. The company amortizes the patent using the straight-line method. On December 31, 2022, the company determines that the useful life of the patent is only 8 years, with no residual value. What is the carrying value of the patent on December 31, 2022, and what is the amortization expense for 2023?

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