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The following infnnnation relates to a patent owned by Gentry Company: Cost $3,400,000 Carrying amount 1,700,000 Expected future net cash ow...

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How do I prepare the journal entries listed in the question?

Screen Shot 2018-06-12 at 2.44.59 PM.png

The following infnnnation relates to a patent owned by Gentry Company: Cost $3,400,000
Carrying amount 1,700,000
Expected future net cash flow 1,500,000
Fair value 1,200,000 Prepare the journal entry (if any) to record the Impairment of the aget at December 3], 2016, msuming Gentry will continue to use the asset in the future. (creditamunt tmes are automaflcaliylndented when the amount (5 entered. Do not lndent manuatry.) Inn-It Titl- and Minion Ddilt Gull: Ami-It 110- and Emil-Inn Using the same afiumptlon as part (a) above, prepare
automatically lna‘ented when the amount I: entered. Do not In the journal entry to recond amortization expense for 2017 assuming the asset has a remalnlng useful life of 3 years at the beqinnlng of 2017. (Credit account "Hes are
dent manually.) Gull: when we amountls entered. Do not fndent' man Meal-It 11M:- and Elwin-Iain Using the same asumptlan as part (a) above, prepare the journal entry (if any) at December 31, 2016, assuman the fair value of the asset has Increased to $1,900,000. (Credit account true: are automaflcaflylndentea‘
uafly. If no entry I: requireu, select "No Entry" for the account tines and enter a hr the amounts.) out Prepare the journal entry (if any} to record the Impair Inn-It Titl- and Enflalllnn Ddilt ment of the aget at December 3], 2016, msuming Gentry ceased using the patent at the end of 2016 and intends to dEpuse of the patent in the coming year. Gentry expecm to
incur a $10,000 cast ofdlsposal. (Credit account titres are automa flashy lndented when the amount is enured. Do not Indentmanuafly.) Gull:

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