These are selected 2001 transactions for Hingis Corporation: Jan. 1 Purchased a small company and recorded goodwill

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These are selected 2001 transactions for Hingis Corporation:

Jan. 1 Purchased a small company and recorded goodwill of $140,000. The goodwill has a useful life of 55 years.

Purchased a patent with an estimated useful life of 5 years and a legal life of 20 years for $30,000.

May 1 Instructions Prepare all adjusting entries at December 31 to record amortization required by the events.

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Financial Accounting Tools For Business Decision Making

ISBN: 9780471347743

2nd Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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