Please help. Thanks!

Murley Printers incurred external costs of $1,100,000 for a patent for a new laser printer. Alhough the patent gives legal protection for 20 years, it was expected to provide Murley with a competitive advantage for only eight years due to expected technological advances in the industry. Murley uses the straight-line method of amortization. (Click the icon to view adidional information) Read the regurements. Requirement 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. (Record debils first, then credits. Exclude explanations from any journal entries.) Start by recording (a) the purchase of the patent. More info Afer using the patent for four years, Murley learned at an industry trade show that Spark Printers has patented a more eflicient printer and will be selling this printer next quarier. Because of this new information, Murtey determined that the expected future cash flows trom its palent were now only $460,000. The far value of Murieys pasent on the open maket was now zera. Requirements 1. Make journal entries to recoed (a) the purchase of the patent and (b) amorization for year 1. 2. Once Muriey learned of the competing primer and adjusted the expected future cash flows from its original patent, was this asset impaired? it so, make the impairment adjusting entry