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On December 31, it was estimated that goodwill of $3,813,300 was impaired. In addition, a patent with an estimated useful economic life of 15 years
On December 31, it was estimated that goodwill of $3,813,300 was impaired. In addition, a patent with an estimated useful economic life of 15 years was acquired for $473,800 on April 1.
| A. | Journalize the adjusting entry on December 31 for the impaired goodwill. Refer to the Chart of Accounts for exact wording of account titles. |
| B. | Journalize the adjusting entry on December 31 for the amortization of the patent rights. Refer to the Chart of Accounts for exact wording of account titles. |
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Fundamentals of Corporate Finance
Authors: Berk, DeMarzo, Harford
2nd edition
132148234, 978-0132148238
