Please answer both requirements

expected technological advances in the industry. Medway uses the straight-line method of amortization. (Click the icon to view additional information.) Read the Start by recording (a) the purchase of the patent. Requirements More info After using the patent for five years, Medway learned at an industry trade show that Fast Printers has patented a more efficient printer and will be selling this printer next quarter. Because of this new information, Medway determined that the expected future cash flows from its patent were now only of Medway's patent on the open market was now zero. 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1 . 2. Once Mectway learned of the competing printer and adjusted the expected future cash flows from its original patent, was this asset irripaired? If so, make the impairment adjusting entry