SMC Research Associates reports the following intangible assets on its December 31 balance sheet (Click the icon to view the intangible assets ) i. (Click the icon to view additional information ) Future Value of \$1 table Future Value of an Ordinary Annuity table Future Value of an Annuity Due table Present Value of \$1 lable Present Value of an Ordinary Annuity table Present Value of an Annuity Due table Read the requirements. It does not use a separate accumulated amortization account for the intangible assets (i.e., it deducts the amount of amortization directly from the intangible asset account). Compute the impairment loss (if any) for each intangible asset. . Prepare the journal entry necessary to record the impairment loss. Assuming that SMC amortizes its finite-life intangible assets using the straight-line method with no scrap value prepare the journal entry to record the annual amortization for the first year subsequent to the impairment write-down. Management provided the following information related to intangible assets it obtained during the current year: - Franchise: Due to current market conditions, products sold under the franchise have experienced significant sales declines from possible obsolescence. - Patent: SMC is currently involved in litigation that will determine whether the company has the exclusive right to sell the patented product. Legal counsel informed SMC that the value of the patent will likely be reduced. - Trade name: The company is required to test for impairment of its indefinite-life intangible assets annually. SMC's cost of capital is 6%. Management estimates the following future cash flows to be generated over the next 5 years from the use of its intangible assets