Question
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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Intermediate Accounting
Authors: Beechy Thomas, Conrod Joan, Farrell Elizabeth, McLeod Dick I
Volume 1, 6th Edition
1259103250, 978-1259103254, 978-0071339476
