Conrad Inc purchased a patent for $2,600,000 for a specialty line of patented switch plate covers and outlet plate covers specifically designed to light up automatically when the power fails" Assume the switch plate patent was purchased January 1, 2017 and its being depreciated over a period of ten years. Assume that Conrad inc does not use an accumulated amortization account but instead charges amortization directly against the intangible asset account Required: 1. Not available in Connect 2. Prepare the journal entries to record the purchase and amortization of the switch plate puterit in 2017 of no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list X 1 Record the purchase of patent. 2. Record the amortization of the Patent during the year 2017 Crede 3. After a year of unsuccessful attempts to manufacture the switch plate covers, Conrad Inc determined the potent was significantly impaired and its book value on January 1, 2017 was written off. Prepare the journal entry to record the impairment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the entry for impairment. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal