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Question Help Instructor-created question Miracle Printers incurred external costs of $700,000 for a patent for a new laser printer. Although the patent gives legal protection for 20 years, it was expected to provide Miracle with a competitive advantage for only eight years due to expected technological advances in the industry. Miracle uses the straight-line method of amortization (Click the icon to view additional information.) Read the requirements. Requirement 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. (Record debits first, then credits. Exclude explanations from any journal entries.) Start by recording (a) the purchase of the patent. Journal Entry Requirements - X Credit Debit Accounts Date 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. 2. Once Miracle learned of the competing printer and adjusted the expected future cash flows from its original patent, was this asset Impaired? If so, make the impairment adjusting entry. Record (b) the amortization of the patent for year 1 Print Done Journal Entry Debit Credit Accounts Date ? Choose from any list or enter any number in the input fields and then click Check Answer Check Answer Clear All I w All parts showing O BI Tere to each COLG NVIDIA GSYNC he ye 1 Requirements - X and 1. Compute net profit margin ratio for the years ended January 31, 2018 and 2017. Did it improve or worsen in 2018? 2. Compute asset turnover for the years ended January 31, 2018 and 2017. Did it improve or worsen in 2018? 3. Compute return on assets for the years ended January 31, 2018 and 2017. Did it improve or worsen in 2018? Which component-net profit margin ratio or asset turnoverwas mostly responsible for the change in the company's return on assets? Print Done Prir ut fields and then click Check Answer. Clear All