Cost $3,400,000

Carrying amount 1,700,000

Expected future net cash flow 1,500,000

Fair value1,200,000

How would I compute the journal entry for the impairment of the asset at December 31, 2016, assuming Gentry will continue to use the asset in the future?

How would I compute the journal entry for the amortization expense for 2017 assuming the asset has a remaining useful life of 3 years at the beginning of 2017? And how it would be affected by an fair value increase.

How would I compute the journal entry for the impairment of the asset at December 31, 2016, assuming Gentry ceased using the patent at the end of 2016 and intends to dispose of the patent in the coming year. Gentry expects to incur a $10,000 cost of disposal.