Instructor-created question Question Help Maryanne Printers incurred external costs of $900,000 for a patent for a new laser printer. Although the patent gives legal protection for 20 years, it was expected to provide Maryanne with a competitive advantage for only nine years due to expected technological advances in the industry. Maryanne uses the straight-line method of amortization. Read the requirements Journal Entry Date Accounts Debit Credit Patents 900,000 Cash 900,000 Record (b) the amortization of the patent for year 1. Date Credit Journal Entry Accounts Amortization Expense Patents Patents Debit 90000 90000 aryanne Printers incurred external costs of $900,000 for a patent for a new laser printer. Although the patent ves legal protection for 20 years, it was expected to provide Maryanne with a competitive advantage for only ne years due to expected technological advances in the industry. Maryanne uses the straight-line method of mortization Lead the requirements. Journal Entry Date Requirements 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. 2. Once Maryanne 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. Record (b Date Print Done Tuents YOUUU