The following information relates to a patent owned by Gentry Company: Cost $3,400,000 Carrying amount 1,400,000 Expected future net cash flow 1,500,000 Fair value 1,200,000 Instructions (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2019. You MUST explain your work. (b) Using the same assumption as part (a) above, prepare the journal entry to record amortization expense for 2020 assuming the asset has a remaining useful life of 4 years at the beginning of 2020. (c) Using the same assumption as part (a) above, prepare the journal entry (if any) at December 31, 2020, assuming the fair value of the asset has increased to $1,800,000