Requirements 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. 2. Once Murley learned of the competing printer and adjusted the expected future cash flows from its original patent, was this asset impaired? If so, make the impairment adjusting entry. Print [Done Print Done Murley Printers incurred external costs of $1,400,000 for a patent for a new laser printer. Although the patent gives legal protection for 20 years, it was expected to provide Murley with a competitive advantage for only eight years due to expected technological advances in the industry. Murley uses the straight-line method of amortization. (Click the icon to view additional information.) Read the requirements. Requirement 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. (Record debits first, then credits. Exclude explanations from any journal entries.) Start by recording (a) the purchase of the patent Journal Entry Accounts Date Debit Credit Choose from any list or enter any number in the input fields and then click Check