CHLYTU ue purchase and to recognize goodwill. 3. Patent Impairment a. Kox Company owns a patent that has a carrying amount of $300,000. Kox expects future cash flow from this patent to total $210,000. The fair Value of the patent is $100,000. Prepare the journal entry, if necessary, to record the loss on impairment. b. Assume instead that the future cash flow from the patent was estimated to be $310,000. Prepare the journal entry, if necessary, to record the loss on impairment