ABC Corporation acquired a patent for $50,000 on January 1, 2023. The patent has a useful life of 10 years. On December 31, 2023, ABC Corporation performed an impairment test and determined that the patent's fair value was $40,000. Requirements: a. Record the acquisition of the patent by ABC Corporation. b. Calculate the annual amortization expense using the straight-line method. c. Prepare the journal entry to record the impairment loss, if any. d. Determine the carrying value of the patent after impairment. e. Analyze the impact of the impairment on the income statement and balance sheet.