Baker Company purchased for $80,000 a patent on January 1, 2011. The patent has an expected life of 8 years. In 2016, due to changes in the economy, Baker has to review the patent for impairment. The estimated fair value of the patent on December 31, 2016, was $18,000. Prepare the journal entry for 2016 amortization and journal entry for Baker to record the impairment of the Patent (if there is one). Be sure to show all your work!