Question 2

Flint Corporation owns a patent that has a carrying amount of $290,000. Flint expects future net cash flows from this patent to total $240,000. The fair value of the patent is $133,000. Prepare Flints journal entry to record the loss on impairment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount