Company EFG is a company that manufactures cupcakes sold in New Zealand. On 1 January 2016, the company acquired a patent for $3,400,000 to manufacture and sell Cake on The Go" cupcakes in local market. "Cake on the Go" cupcake is made out from vanilla and chocolate paste based on European style. The patent for the cupcake has an economic life of 5 years. As at 31 December 2017, the fair value of the patent was $1,500,000. As at 31 December 2018, fair value of the patent of Company EFG was $800,000. In the year 2019, a company called KLM, manufactures and sells cupcakes as well, the product is called "Yummy Bites" which uses New Zealand's produced cocoa powder ingredients for their cupcakes. On 1 July 2019, after making an observation of the product, the group marketing analysts stated that "Yummy Bites" would give adverse effect to the sales of "Cake on The Go" in the local market. Results from that effect, Company EFG stated a decline is expected as at 31 December 2019, the value of the use of the patent has plummeted to $250,000 and the fair value less cost to sell to be $150,000. Company EFG adopts the revaluation model method for subsequent measurement of its patent. a) Based on Paragraph 1, find the amortization cost incurred for the patent and its journal entries for the year ended 31 December 2016 and 31 December 2017. b) Based on Paragraph 1, company EFG adopts the revaluation model, explain the accounting treatment. c) Prepare the statement of Profit or Loss (extract) for the year ended 31 December 2018 and the statement of Financial Position (extract) as at 31 December 2018. (Based on para. 2) d) Calculate impairment loss (if any) as at 31 December 2019. (Based on para.2)