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Part A: A patent was purchased on ten first day of the fiscal year for $900,000. Its useful life is 5 years with no residual value. At the end of year 3, an unfavorable event occurred indicating that the asset may be impaired. The patent's fair value is $280,000, and the sum of undiscounted future net cash flows is $325,000. Calculate the patent's impairment loss and make necessary adjustment entry, and the entry for the year 4 amortization. Show your calculations. Part B: A company has a trademark with carrying value of $750,000 and an indefinite life. At the end of year 4, an even occurred indicating that the asset may be impaired. The trademark's fair value is $700,000, and its undiscounted future cash flows are $790,000. The company decided to bypass qualitative assessment and directly perform the quantitative test. a. Record the entry for the impairment loss on trademark, if any. b. At what value the asset would be reported in the balance sheet at the end of year 42