Wamber Company acquired a subsidiary company on December 31, 2015, and recorded the cost of the intangible assets it acquired as follows Palent Trade name Goodwill $100,000 80,000 150.000 The patent is being amortized by the straight-line mathod over an expected life of 10 years with no residual value. Amortization has been recorded for the cument year. The trade name w Because of the success of the subsidiary in the past, Wember has not previously considered any of the intangible assets to be impaired. However, in 2010, because of a cument recession and tachog charges in the subidary's indu Wember decides to review all of the intangible assets for impairment and record any adjustments at December 31, 2010 Wember estimates that the fair value of the patent is $42,000. The company estimates the fair value of the trade name to be $90,000 but decides that it now has a limited the of 5 years. The subsidiary company which as a reporting unt has book value of $700.000, including the goodwill of $150,000. Wember estimates that the fair value of the subsidiary company is $650,000, of which it allocates 80% to the idenetable assets and lab Required: 1. Prepare joumal entries for Wember to record the impairment of its intangible assets at December 31, 2019 2. Prepare joumal entries for Wember to record the amortization expense for its intangibles at December 31, 2000 eBook Impairment instructions Chart of Accounts General Journal Instructions Cengag Wember Company acquired a subsidiary company on December 31, 2015, and recorded the cost the intangible assets it acquired as follows Patent $100,000 Trade name Goodwill 80.000 150,000 The patent is being amortized by the straight-line method over an expected life of 10 years with no residual value. Amortization has been recorded for the curent year. The trade name was considered to have an inde Because of the success of the subsidiary in the past, Wember has not previously considered any of the intangible assets to be impaired. However, in 2019, because of a current recession and technogal changes in the subdary's nous Wember decides to review all of its intangible assets for impairment and record any adjustments at December 31, 2019. Wember estimates that the fair value of the patent is $42,000. The company estimates the fair value of the trade name to be $90,000 but decides that it now has a limited life of 5 years. The subsidiary company which seeporting unt, haw book value of $700,000, including the goodwill of $150,000. Wember estimates that the fair value of the subsidiary company is $650.000, of which it allocates 80% to the idensfables an Required: 1. Prepare journal entries for Wember to record the impairment of its intangible assets at December 31, 2019 2. Prepare journal entries for Wember to record the amortization expense for its intangibles at December 31, 2020 Wember Company acquired a subsidiary company on December 31, 2015, and recorded the cost of the intangible assets it acquired as follows: Patent Trade name Goodwill $100,000 80,000 150,000 The patent is being amortized by the straight-line method over an expected ste of 10 years with no residual value. Amortization has been recorded for the current year. The trade name was Because of the success of the subsidiary in the past, Wember has not previously considered any of the intangible assets to be impaired. However, in 2019, because of a cument recession and achnoopce changes in the day's indu Wember decides to review all of the intangible assets for impairment and t any adjustments at December 31, 2019 Wember estimates that the fair value of the patent is $42.000. The company estimates the fair value of the trade name to be $90.000 but decides that it now has a limited ife of 5 years. The subsidiary company which reporting unit, ha book value of $700,000, including the goodwill of $150,000 Wember estimates that the fair value of the subsidiary company is $660.000, of which it allocates 80% to the idetable ass and Required: 1. Prepare journal entries for Wember to record the impairment of its intangible assets at December 31, 2018 2 Prepare journal entries for Wember to record the amortization expense for its intangibles at December 31, 2000