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Munro Primters incurred oxdemal costs of $1,100,000 for a palemt for a new laser printer. Athough the patent gives legal protection for 20 years, t was expecled to provide Munro with a compettive advartago for only ton years due to expected technological advances in the industyy Munro usos the strightine method of amortizason. (1) (Click tho icon lo view additionat inlormation.) Read the iecuitements. Requirement 1. Make joumal entries to record (a) the purchase of the potent and (b) amorization for yoar 1. (Reconf dobits first, then credita, Erchude axplanations from any ioumal entres) Start by recording (a) the purchase of the patont After using the patent for five years, Munro learned at an industry trade show that Faster Printers has patented a more eficient printer and will be selling this printer next quarter. Because of this new information, Munro determined that the expected future cash flows from its patent were now only $460,000. The fair value of Munro's patent on the open market was now zero. Start bv recording (a) th Requirements 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. 2. Once Munro learned of the competing printer and adjuted the expected future cash flows from its original patent, was this asset impaired? If so, make the impairment adjusting entry