Miracle Printers incurred extemal costs of $700,000 for a patent for a new laser printer. Although the patent gives legal protection for 20 years, it was expected to provide Miracle with a competitive advantage for only fourteen years due to expected technological advances in the industry. Miracle uses the straight-fine method of amortization (C) (Click the icon to view additional information) Read the reguirments. 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 joumal entries.) Start by recording (a) the purchase of the patent. More info After using the patent for ten years, Miracle learned at an industry trade show that Speedy Printers has patented a more efficient printer and will be selling this printer next quarter. Because of this new information, Miracle determined that the expected future cash flows from its patent were now only $100,000. The fair value of Miracle's patent on the open market was now zero. Requirements 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. 2. Once Miracle 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