McGee Industries purchased a patent for $1,300,000 on January 1, 2010. The patent has a remaining legal life of 12 years and an estimated useful life of 10 years. Instructions (round all amounts to the nearest dollar) (a) Prepare the Journal Entry to record the amortization of the patent for the year 2010 (b) Early 2014, McGee determined that the economic benefits of the patent would not last longer than eight years from the date of acquisition. What amount should be reported on the balance sheet for the patent. net of accumulated amortization, at December 31, 2014? (c) At December 31, 2015, the expected future net cash flows from the patent are estimated to be $300,000 and the fair value of the patent is $220,000. Calculate the amount of the impairment loss (if any) on the patent. If no impairment, explain your reasoning Make sure to show your work to obtain any partial credit. Clearly mark your final answers! htnemine