Maynard 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 Maynard with a competitive advantage for only fifteen years due to expected technological advances in the industry. Maynard uses the straight-line method of amortization. (Click the icon to view additional information.) Read the requirements. Requirement 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. (Record debits first, then credits. Exclude explanations from any journal entries.) Start by recording (a) the purchase of the patent. Journal Entry Date Accounts Debit Credit More Info After using the patent for ten years, Maynard 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, Maynard determined that the expected future cash flows from its patent were now only $295,000. The fair value of Maynard's patent on the open market was now zero. Requirements Print Done 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. 2. Once Maynard 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