On 2nd January 2016, Million Gold Berhad purchased a patent for RM110,000. The demand for the product produced under this patent has declined significantly for the past 11 months. On the date of purchase, the patent had an estimated useful life of eleven (11) years. It is estimated that currently (31 December 2020) it has a remaining useful life of four (4) years. The current fair value of the patent is RM43,000. The companys management estimates that the patent will generate future net cash flows of RM12,000 per year for the next four (4) years. The analysis of the market shows that the prevailing market interest rate is 6 percent.

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Prepare the necessary journal entries to record the impairment loss if any,depreciation 2020 and 2021