On December 31, it was estimated that goodwill of ($ 375,000) was impaired. In addition, a patent
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On December 31, it was estimated that goodwill of \(\$ 375,000\) was impaired. In addition, a patent with an estimated useful economic life of 10 years was acquired for \(\$ 600,000\) on October 1.
a. Journalize the adjusting entry on December 31 for the impaired goodwill
b. Journalize the adjusting entry on December 31 for the amortization of the patent rights.
objs. 4,5
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Related Book For 
Financial Accounting
ISBN: 9780324380675
10th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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