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Question 11 View Policies Current Attempt in Progress In January, 2013, Pharoah Corporation purchased a...

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Question 11 View Policies Current Attempt in Progress In January, 2013, Pharoah Corporation purchased a patent for anew consumer product for $936000 At the time of purchase, the patert was valid for 15 years. Due to the competitive nature of the product, however, the patent was estimated to have a useful lide of only 10 years. During 2018 the product was determined to be absolete due to a competitors newproduct. What amount should Pharoah charge to expense during 2018, assuming amortization is recorded at the end of each year? Question 12 View Policies Current Attempt in Progress Merlin Corporation owns a patent that has a carrying amount of $600,000. Merlin expects future net cash flows trom this patent to total $505,000. The fair value of the patent is $465.000. Prepare journal entry, it necessary, to record the loss on Impairment. (Credit account titles are oulomatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit

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