On January 1, 2017, Nar Company purchased a patent for $350,000 from a medial researcher who had developed a new drug for preventing skin cancer. At the time of the purchase, the patent had a remaining useful life of 7 years. 1. Prepare the journal entry to record Nar's purchase of the patent. 2. Prepare the journal entry to record amortization of the patent on December 31, 2017. 3. At the end of 2020, after amortization had been recorded through December 31, 2020, Nar concluded that the estimated future cash flows from the patent to be $120,000. The patent's estimated fair value on December 31, 2020 was $110,000. Prepare the journal entry to record the patent impairment, if necessary. SHOW YOUR WORK