The Harris Group purchased a patent for $5,600,000 in 20X1 and estimated a useful life of 5 years. Legal fees and other costs associated with patent registration totaled $50,000. In 20X2, the company paid $1,250,000 for legal fees in a successful patent defense. At December 31, 20X3, amortization expense of $3,270,000. At that date, the company is concerned that because of recent technological advancements, the value of the patent may be impaired. Future net cash flows are estimated at $3,500,000 and the fair value at $3,000,000. What journal entry, if any, should The Harris Group make at December 31, 20X3 to record an impairment loss on the patent? Select answer from the options below No entry is needed because the asset is not impaired. Debit Impairment Loss, $630,000; Credit Patent, $630,000. Debit Impairment Loss, $130,000; Credit Patent, $130,000. Debit Impairment Loss, $580,000; Credit Patent, $580,000.