$($CH$8-$ Q$2)$: Intangible Assets $(4$ points total$)$

On January $1,2020,$ Nvidia Systems Company purchased a patent for $$420,000$ from an inventor who had developed a new

system software. At the time of the purchase, the patent had a remaining useful life of $10$ years. The company's fiscal year

ends on December $31.$

At the end of $2022,$ after the annual amortization had been recorded through December $31,2022,$ Nvidia Systems concluded

that the estimated future cash flows from the patent to be $$270,000.$ The patent's estimated fair value on December $31,2022,$

was $$230,000.$ Prepare the journal entry to record the patent impairment, if necessary.