Mayflower Printers incurred external costs of $600,000 for a patent for a new laser printer. Although the patent gives legal protection for 20 years, it was expected to provide Mayflower with a compettive advantage for only fifteen years due to expected technological advances in the industry, Mayflower uses the straight-line method of amortization. (Click the icon to view additional information.) Read the reguirements. Requirement 1. Make joumal entries to record (a) the purchase of the patent and (b) amortization for year 1. (Record debits first, then credits. Exclude dxplanations from any journal entries.) Slart by recording (a) the purchase of the patent. Read the requirements. More info Requiren Ford debits first, then credits. any joum Start by r After using the patent for ten years, Mayflower learned at an industry trade show that Stanley Printers has patented a more efficient printer and will be selling this printer next quarter. Because of this new information, Mayflower determined that the expected future cash flows from its patent were now only $120,000. The fair value of Mayflower's patent on the open market was now zero. Requirements irement 1. bits first, then credits, 1 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. 2. Once Mayflower 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