Maryanne Printers incurred external costs of $1,200,000 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 fifteen years due to expected technological advances in the industry. Maryanne uses the straight-line method of amortization 1 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. 1 More Info After using the patent for ten years, Maryanne learned at an industry trade show that Sonic Printers has patented a more efficient printer and will be selling this printer next quarter. Because of this new information, Maryanne determined that the expected future cash flows from its patent were now only $310,000. The fair value of Maryanespaten on the open market was now zero