A patent is purchased for $40,000 by a company that estimates that the patent has a useful life of 5 years. Because the majority of intangibles are amortized on a straight-line basis, the company decides to amortize the $40,000 patent over a five year period on a straight-line basis. I know that on a straight-line basis, periodic amortization amounts to $8,000 (i.e. $40,000/5). My question is, if that same patent was estimated to have a useful life of 5 years, but was actually outdated by 3 years how would the company account for this error by way of a journal entry?