Company A purchased a patent from Company B on 6/30/2021 for $660,000. The useful life of the patent is estimated to be six years. On 12/31/2024 the fair market value of the patent was $250,000, while...

Company A purchased a patent from Company B on 6/30/2021 for $660,000. The useful life of the patent is estimated to be six years. On 12/31/2024 the fair market value of the patent was $250,000, while the undiscounted future net cash flows related to the patent were $300,000.

Q1. Please record the journal entry, if necessary, to record impairment of the patent on 12/31/2024