After considering several impairment indicators, Sanguine Solutions, Ltd., an IFRS reporter, determined that one of its finite-lived intangible assets may be impaired. The intangible asset's net carrying value (net of accumulated amortization if subject to amortization) on the date of the impairment is $1,500,500. The intangible asset's cost is $2,000,000 and the accumulated depreciation, using the straight-line method, brought up to the date of the impairment is $499,500. The company believes that the most reliable way to measure the fair value of its intangible assets is to estimate that value as the present value of the future cash flows expected from the use of the asset. Valuation experts provided substantial evidence that the asset could be sold for $780,000 before disposal costs of $30,000. The company projected the asset's future cash flows as follows: Future Period Year 1 Year 2 Year 3 Year 4 Year 5 Total Cash Flow Projection $350,000 200,000 195,000 80,500 20,500 $846.000 Required: a. Assuming a weighted average cost of capital of 5%, prepare the journal entry to record the impairment loss (show all supporting computations and round to the nearest whole dollar). b. Record the amortization adjusting entry at the end of the first year after the impairment, if any.