Maynard Printers incurred external costs of $900,000 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. 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. Date Journal Entry Accounts Debit Credit Record (b) the amortization of the patent for year 1. Date Journal Entry Accounts Debit Credit Requirements 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. Print Done - X