In early January 2019, Lerner Corporation applied for a patent, incurring legal costs of $100,000. In January 2020, Lerner incurred $18,000 of legal fees in a successful defense of its patent

(b) Compute the impairment loss (if any) in 2021, the 2021 amortization and the 12/31/21 carrying amount of the patent, assuming that at the beginning of 2021, based on new market research, Lerner determines that the fair value of the patent is $76,000. Estimated undiscounted future cash flows from the patent are $84,000 on January 1, 2021.