The following information relates to a patent owned by Gentry Company: (a) Your answer is correct. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Using the same assumption as part (a) above, prepare the journal entry to record amortization expense for 2025 assuming the asset has a remaining useful life of 3 years at the beginning of 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Using the same assumption a5 part (a) above, prepare the journal entry (if any) at December 31,2025 , assuming the fair value of the asset has increased to $1,900,000. (Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry). Prepare the journal entry (if any) to record the impairment of the asset at December 31,2024, assuming Gentry ceased using the patent at the end of 2024 and intends to dispose of the patent in the coming year. Gentry expects to incur a $10,000 cost of disposal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) The following information relates to a patent owned by Gentry Company: (a) Your answer is correct. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Using the same assumption as part (a) above, prepare the journal entry to record amortization expense for 2025 assuming the asset has a remaining useful life of 3 years at the beginning of 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Using the same assumption a5 part (a) above, prepare the journal entry (if any) at December 31,2025 , assuming the fair value of the asset has increased to $1,900,000. (Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry). Prepare the journal entry (if any) to record the impairment of the asset at December 31,2024, assuming Gentry ceased using the patent at the end of 2024 and intends to dispose of the patent in the coming year. Gentry expects to incur a $10,000 cost of disposal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry)
