***Every journal has been marked as correct except the final entry on Dec 31, 2024 to record loss on impairment. Also on my most recent attempt I was told that it will be a debit to "Loss on Impairment" and a credit to "Accumulated Impairment Losses - Patents", I just need to know what the correct amount would be and how to get it.***

On January 1, 2020 (the first day of its fiscal year) Teal Ltd. acquired a patent which gave the company the right to use a production process. The process met the six criteria for capitalization as an intangible asset. Below is a listing of the events relating to the patent over the five fiscal years from 2020 through 2024: 2020: on January 1, acquired the patent for the production process from its inventory for a cash payment of $12.500.000 and determined that the process had an indefinite useful life. on December 31, tested the patent for impairment and determined that its fair value was $14.000.000. 2021: 2022: on December 31, tested the patent for impairment and determined that its fair value was $10.500.000 on December 31, tested the patent for impairment and determined that its fair value was $11.500.000 2023: on January 1, determined that the useful life of the patent was no longer indefinite, its carrying amount was recoverable, its estimated remaining useful life was 5 years, its estimated residual value was $0 and the pattern of economic benefits to be obtained from the patent during those 5 years was evenly spread over those 5 years. on December 31, tested the process for impairment and recoverability and determined that its fair value was $1,500,000 and its carrying amount was recoverable. 2024: on December 31, tested the patent for impairment and recoverability and determined that its fair value was $0 and its carrying amount was not recoverable. Prepare all journal entries related to the patent for the production process Teal will record from January 1, 2020 to December 31, 2024 using the cost recovery impairment model. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Debit Credit Account Titles and Explanation Intangible Assets - Patents Jan. 1.2020 12500000 Cash 12500000 Dec 31, 2020 No Entry No Entry 0 Dec 31, 2021 Loss on Impairment 2000000 Accumulated Impairment Losses - Patents 2000000 Dec 31, 2022 No Entry No Entry 0 Dec 31, 2023 Amortization Expense 2100000 Accumulated Amortization - Patents 2100000 Dec 31, 2024 Amortization Expense 2100000 Accumulated Amortization - Patents 2100000 (To record amortization expense) Loss on Impairment Dec 31, 2024 Accumulated Impairment Losses-Patents