Question 2 1-7-2015 Purchased a patent for $30,000. The patent is estimated to have 8 years useful life and $2,000 residual value. 31-12-2017 The company determined that the recoverable amount of the patent is 18,500. 31-12-2020 The company determined that the recoverable amount of the patent is 11,000. The company closes its books annually on December 31 and uses the straight line method for amortization. Instructions 1) Prepare the amortization schedule over the asset's life based on basic estimations at 1-7-2015. 2) Journalize the required entry related to impairment at 31-12-2017 3) Prepare the amortization schedule over the remaining asset's life 4) Journalize the required entry related to impairment at 31-12-2020 5) Prepare the amortization schedule over the remaining asset's life