QUESTION 12 On January 1, 2017 Acosta, Inc. acquired a patent for $750,000. The patent hada legal life of 20 years, but management elected to amortize the patent over an! expected useful life of 15 years. On June 30, 2018, management paid legal fees of $81,000 to successfully defend its patent from a competitor On December 31, 2019, after 3 full years of amortization have been recorded, new competitors' products have potentially impacted the value associated with this patente Management estimates that the patent will yield $550,000 of undiscounted future cash flows. At this time, management estimates that the patent has a fair value $475,000 and a remaining useful life of 5 years. his Prepare an analysis to determine the proper carrying value for the patent (before considering a possible impairment adjustment) as of December 31, 2019. tin necessary for the paten - Conduct and document the impairme December 31, 2019. Record any journal entry, if necessary, to reflect patent impairments. Determine the patentamertim id record for 2020