Question 2 On January 1, 2015, Bolt Plc. purchased a patent with a cost $2,320,000, a useful life of 5 years. The company uses straight-line amortization. At December 31, 2016, the company determines that impairment indicators are present. The fair value less costs to sell the patent is estimated to be $1,080,000. The patent's value-in-use is estimated to be $1,130,000. The asset's remaining useful life is estimated to be 2 years. The company uses the accumulated amortization account. Required: Show all workings A) Prepare the journal entry at Dec 31, 2016 to record the impairment loss if necessary. (9 marks) B) Complete the following Statement of Financial Position Extract as at Dec 31, 2016 Non-Current Assets $ $ Patent Less Accumulated Amortization __________ (3 marks) C) Prepare the journal entry to record amortization for 2017. (7 marks)