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** Explanations / Calculations if needed please

Exercise 149 The following information relates to a patent owned by Gentry Company: Cost Carrying amount Expected future net cash flow 1,500,000 Fair value $3,400,000 1,700,000 1,200,000 Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2016, assuming Gentry will continue to use the asset in the future. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Using the same assumption as part (a) above, prepare the journal entry to record amortization expense for 2017 assuming the asset has a remaining useful life of 3 years at the beginning of 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Using the same assumption as part (a) above, prepare the journal entry (if any) at December 31, 2016, assuming the fair value of the asset has increased to $1,900,000. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2016, assuming Gentry ceased using the patent at the end of 2016 and intends to dispose of the patent in the coming year. Gentry expects to incur a $10,000 cost of disposal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit