Maynard Printers incurred external costs of $1,200,000 for a patent for a new taser printer. Athough the patent gives legal protection for 20 years, it was expected to provide Mayna with a competitive advantage for only ten years due to expocted tochnological advances in the industry. Maynard uses the straight-line method of amortization. (1. (Click the icon to view additional information) Read the tequitements. Requirement 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. (Recrcd debits first; then credits. Exclude explanations from any joumal entries.) Start by recording (a) the purchase of the patent. Record (b) the amortization of the patent for year 1 . Record (b) the amortization of the patent for year 1 . Requirement 2. Once Maynard leamed of the competing printer and adjusted the expected future cash flows from its original patent, was this asset impaired? If so, make the impaiment adjusting entry. (Record debits first, then credits. Exclude explanations from any journal entries. For transactions that do not require an entry, make sure to select "Nc entry required" in the first cell in the "Accounts" column and leave all other input felds blank.)