Intangible Assets - calculate and prepare any adjusting entries for the trial balance

During 2020, a trademark and a patent were purchased. For details, see the Excel file tab Intangible Assets. The intangible assets are amortized on a straight-line method.

To test for impairment, the following items were determined regarding the trademark:

Value in use $110,000

FV less costs to sell $115,500

In the Excel spreadsheet, see the tab Intangible Assets to perform any necessary calculations

Date Developed Useful Life Item Carrying Value Accumulated Amortization Amortization 2020 to 12/31/20 Cost Trademark 2020-01-01 Patent 2020-01-01 126,750 10 Yrs 35,000 3 yrs 161,750