The Lionell Company acquired several small companies at the end of the year.Based on the acquisition, the company reported the following intangible assets on its December 31, 2017 balance sheet:

Patent $35,000

Tradename $40,000

Goodwill $125,00

A)The company's accountant determined the patent has an expected life of 10 years and no expected residual value and that it will generate approximately equal benefits each year.The company expects to use the tradename for the foreseeable future.

How much amortization expense should the company recognize on each intangible asset in 2017?

Patent ____________ Tradename ______________ Goodwill_______________

B)In 2018, the company has determined that the tradename is impaired because of a change in market conditions.It estimates the tradename has a fair value of 20,000 at the end of 2018.

What is journal entry to record the impairment of its tradename?