The following information relates to a patent owned by Pharoah Company: Cost $3,230,000 Carrying amount 1,598,000 Expected future net cash flow 1,350,000 Fair value 1,500,000 (a) Your answer is correct. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2019, assuming Pharoah will continue to use the asset in the future. (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.) Account Titles and Explanation Debit Credit Loss on Impairment 98000 Patents 98000 Click if you would like to show Work for this question: Open Show Work Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2019, assuming Pharoah ceased using the patent at the end of 2019 and intends to dispose of the patent in the coming year. Pharoah expects to incur a $10,500 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.) Account Titles and Explanation Debit Credit Loss on Impairment 87500 Patents 87500