expected technological advances in the industry. Medway uses the straight-line method of amortization. (Click the icon to view additional information.) Read the Requirement 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. (Record debits first, then credits. Exclude explanations from any joumal entries.) Start by recording (a) the purchase of the patent. More info After using the patent for four years, Medway leamed at an industry trade show that Fast Printers has patented a more efficient printer and will be selling this printer next quarter. Because of this new information, Medway determined that the expected future cash flows from its patent were now only $230,000. The fair value of Medway's patent on the open market was now zero. Requirements 1. Make journal entries to record (a) the purchase of the patent and (b) amorlization for year 1. 2. Once Medway learned of the competing printer and adjusted the expected future cash flows from its original patent, was this asset impaired? If so, make the impairment adjusting entry