1. 2 Blossom Co, organized in 2017, provided you with the following information Purchased a license for $28,480 on July 1, 2017. The license sives Blossom exclusive rights to sell its services in the tri-state region and will expire on July 1, 2025 Purchased a patent on January 2, 2018, for $83,400. It is estimated to have a 5-year life Costs incurred to develop an exclusive Internet connection process as of June 1. 2018. were $93.800. The process has an On April 1. 2018, Blossom Co. purchased a diode manufacturer for 5703,000. Goodwill recorded in the transaction was On July 1, 2018, legal fees for successful defense of the patent purchased on January 2, 2018, were $15,192 Research and development costs incurred as of September 1. 2018, were $93.800. 3. indefinite life. 4 $123,800 5. 6 Prepare the journal entries to record all the entries related to the patent during 2018. (Credit account sities are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit January 2, 2018 Patents Cash July 1. 2018 Patents Cash December 31.2018 Amortization Expense Patents List of Accounts At December 31, 2018, an impairment test is performed on the license purchased in 2017. It is estimated that the net cash flows to be received from the license will be $18,000, and its fair value is $13,400. Compute the amount of impairment, if any, to be recorded on December 31, 2018 on impairment List of Accounts What is the amount to be reported for intangible assets on the balance sheet at December 31, 2017? At December 31, 2018? December 31, 2017 December 31, 2018 Amount to be reported List of Accounts