This exercise will illustrate the accounting for impairment of an intangible asset with a limiter-life. The following information relates to a patent owned by Pulido Company: Cost $4.300.000 Carrying amount 2.100.000 Expected future net cash flow 1.900.000 Fair value 1.500.000 Prepare the journal entry (if any) to record the impairment of the asset at December 31. 2009, assuming Pulido will continue to use the asset in the future. Using the same assumption as part (a) above, prepare the journal entry to record amortization expense for 2010 assuming the asset has a remaining useful life of 4 years at the beginning of 2010. Using the same assumption as part (a) above, prepare the journal entry (if any) at December 31, 2010, assuming the fair value of the asset has increased to $2.400,000. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2009, assuming Pulido ceased using the patent at the end of 2009 and intends to dispose of the patent in the coming year. Pulido expects to incur a $12,000 cost of disposal. Using the same assumption as part (d) above, prepare the journal entry at December 31, 2010 for amortization for 2010. assuming the asset has not been sold at that time. Using the same assumption as part (d) above, prepare the journal entry at December 31. 2010 assuming the asset has not been sold at that time and the fair value of the asset has increased to $2, 400,000. Indicate the income statement classification of the account. Loss on impairment