Question 20 (5 points) On January 1, 2020, Malone Enterprises acquired a patent for $1,000,000. The patent has an useful economic life of 20 years. At January 2, 2025, based on new market research, Malone estimated the future expected net cash flows from the patent to be $820,000. Its fair value is estimated to be $720,000 on that date. Instructions: Prepare the journal entry, if necessary, to record the impairment of the patent on January 2, 2025. If no entry is necessary, type "no entry." Journal entry format: Input journal entries using the sample format shown below. Date all journal entries, but omit journal entry descriptions. Do not compose sentences. Jan. 2, debit Cash $100, credit Common Stock $100