Impaired goodwill and amortization of patent Obj. 5 On April 1, a patent with an estimated useful

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Impaired goodwill and amortization of patent Obj. 5 On April 1, a patent with an estimated useful economic life of 12 years was acquired for $1,500,000.

In addition, on December 31, it was estimated that goodwill of $6,000,000 was impaired.

a. Record the acquisition of patent.

b. Journalize the adjusting entry on December 31 for the amortization of the patent rights.

c. Journalize the adjusting entry on December 31 for the impaired goodwill.

AppendixLO1

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Corporate Financial Accounting

ISBN: 9781337398176

15th Edition

Authors: Carl Warren, Jefferson Jones

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