Mayllower Printers incurred extomal costs of $1,400,000 for a patent for a now laser pernter. Athough the patent gives legal protection for 20 years, 4 was expected to provide Mogfower with a conpedive (i) (Cick the icon to view additional inlormation) Road the rocirements Requirement 1. Moke joumal ertries to record (a) the purchase of the patert and (p) amotization for year 1 , (Pecord debits fest then codits. Exclude explanations from any joumal entrins) start by recording (a) the purchase of the patent. Requirements 1. Make joumal entries to recond (a) the purchase of the patent and (b) amertication foe year 1. 2. Once Mayeower leamed of the competing mnter and adfueted the expectod the impaument adpasing entry. $1,400,000 for a patent for a new laser printer. Although the patent gives legal protection for 20 ye More info After using the patent for five years, Mayflower learned at an industry trade show that Fast 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 $630,000. The fair value of Mayflower's patent on the open market was now zero