On January 1. 2023 (the first day of its fiscal year) Sarasota Ltd. acquired a patent which gave the company the right to use a production process, The process met the six criteria for capitalization as an intangible asset. Below is a listing of the events relating to the patent over the five fiscal years from 2023 through 2027 : 2023: - on January 1, acquired the patent for the production process for a cash payment of $21,000,000, and determined that the process had an indefinite useful life. - on December 31, tested the patent for impairment and determined that its fair value was $22,100,000. 2024: - on December 31, tested the patent for impairment and determined that its fair value was $20,000,000. 2025: - on December 31, tested the patent for impairment and determined that its fair value was $21,100,000. 2026: - on January 1, determined that the useful life of the patent was no longer indefinite, its carrying amount was recoverable, its estimated remaining useful life was 8 years, its estimated residual value was $0 and the pattern of economic benefits to be obtained from the patent during those 8 years was evenly spread over those 8 years. - on December 31 , tested the process for impairment and recoverability and determined that its fair value was $1,100,000 and its carrying amount was recoverable. 2027: - on December 31 , tested the patent for impairment and recoverability and determined that its fair value was $0 and its carrying amount was not recoverable. Prepare all journal entries related to the patent for the production process Sarasota will record from January 1, 2023 to December 31 . 2027, using the cost recovery impairment model. (ff no entry is required, select "No Entry" for the occount titles and enter O for the amounts. Cradit account titles are automotically indented when amount is entered. Do not indent manuall List oll debit entries before credit entries)