QUESTION 4 (13 marks) On June 1, 2013, New Hope Pharmaceutical acquired a patent for a new drug at a cost of $150,000. Legal fees associated with the purchase of the patent totalled $15,000. The patent had an estimated useful life of 20 years with no residual value. On July 31, 2015, alternative medication became available from a competitor and New Hope determined that the patent no longer had value. Required: 1. Record the purchase of the patent. (2 marks) Show all calculations. Date Account Titles Debit Credit 2. Record amortization of the patent for 2013 and 2014 assuming New Hope Pharmaceutical's year end is December 31 and they make all adjusting entries at year end. (4 marks) Show all calculations. Date Account Titles T Debit Credit 3. Record the disposal of the patent in 2015. (4 marks) Show all calculations. Date Account Titles Debit Credit 4. Briefly explain the IFRS requirements for accounting for the impairment of PPE and intangible assets