Find requirement 1(b) and requirement 2

advances in the industry. Morris uses the straight-line method of amortization. (Click the icon to view additional information.) Read the Start by recording (a) the purchase of the patent. Requirements 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1 . 2. Once Morris leamed 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. Record (b) the amortization of the patent for year 1. x More info Afier using the patent for four years, Morris learned at an industry trade show that Super Printers has patented a more efficient printer and will be selling this printer next quarter. Because of this new information, Morrs determined that the expected future cash flows from its patent were now only $350,000. The fair value of Morris's patent on the open market was now zero