6. BE.09-08.BLANKSHEET.ALGO (Algorithmic) Impaired goodwill and amortization of patent Instructions On December 31, it was estimated that goodwill of $3,656,700 was impaired. In addition, a patent with an estimated usef A. Joumalize the adjusting entry on December 31 for the impaired goodwill. Refer to the Chart of Accounts for exact B. Joumalize the adjusting entry on December 31 for the amortization of the patent rights. Refer to the Chart of Acc account titles Chart of Accounts Instructions On December 31,t was estimated that goodwill of $3,000 700 was impaired In addion, a palent with an estimatedd usetal economic ife of 12 years was acquired for $454,500 on Aprl 1. A Joumalize the aduting entry on December 31 for the impaired goodwil Reler to the Chart of Accounts for exact wording of account ses B. Joumalire the adusting entry on December 31 for the amortiration of the patent rights Refer to the Chart of Apcounts for exact wording of account ses CHART OF ACCOUNTS General Ledger ASSETS REVENUE 410 Sales 110 Cash 111 Petty Cash 010 Interest Revenue 112 Accounts Receivable 620 Gain on Sale of Delivery 114 interest Receivable Truck 115 Notes Receivable 621 Gain on Sale of 116 Merchandise Inventory Equipment 117 Supplies 119 Prepaid Insurance 622 Gain on Sale of Palent 623 Gain on Sale of Goodw 120 Land EXPENSES 123 Delivery Truck 510 Cost of Merchandse 124 Accumulated Sold Depreciation-Delivery 520 Salaries Expense Truck 521 Advertising Expense 125 Equipment 522 Deprediation Expense 126 Accumulated Delivery Truck Depreciation-Equipment 523 Delivery Expense 130 Mineral Rights 524 Repairs and Mairtenance Expense 131 Accumulated Depletion 132 Goodwill 529 Selling Expenses 133 Patents 531 Rent Expense 532 Depreciation Expense- LIABILITIES Equipment 210 Accounts Payable 533 Depletion Expense 211 Salaries Payable 534 Amortization Expense- 213 Sales Tax Payable Patents 214 Interest Payable 535 Insurance Expense 215 Notes Payable 536 Supplies Expense 539 Miscellaneous Expense EQUITY 710 Interest Expense 310 Owner's Capital JOURNAL DEBT POST REF DESCRIPTION DATE Adusting Entries Instructions X On December 31, it was estimated that goodwill of $3,656,700 was impaired. In addition, a patent with an estimated useful economic life of 12 years was acquired for $454,560 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 tites CHART OF ACCOUNTS General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable 620 Gain on Sale of Delivery 114 Interest Receivable Truck 115 Notes Receivable 621 Gain on Sale of 116 Merchandise Inventory Equipment 117 Supplies 622 Gain on Sale of Patent 119 Prepaid Insurance 623 Gain on Sale of Goodwill 120 Land 123 Delivery Truck EXPENSES 510 Cost of Merchandise 124 Accumulated Depreciation-Delivery Sold Truck 520 Salaries Expense 521 Advertising Expense 125 Equipment 522 Depreciation Expense- 126 Accumulated Delivery Truck Depreciation-Equipment 523 Delivery Expense 130 Mineral Rights 131 Accumulated Depletion 524 Repairs and Maintenance Expense 132 Goodwill 529 Selling Expenses 133 Patents 531 Expense 532 Depreciation Expense- LIABILITIES 210 Accounts Payable Equipment 533 Depletion Expense 211 Salaries Payable 534 Amortization Expense- 213 Sales Tax Payable 214 Interest Payable Patents 215 Notes Payable 535 Insurance Expense 536 Supplies Expense 539 Miscellaneous Expense EQUITY 310 Owner's Capital 710 Interest Expense sale ofequiement 722 L0SS on Sale of Paten 3n Owner's Drawing 721 Loss on from 723 LOSS Imparel Godduil TIN Marrhandise Inventony A Jounaize the adjusting entry on December 31 for the impaired goodwill. Refer to the Chart of Accounts for exact wording of account tiles PAGE 1 ACCOUNTING EQUATION JOURNAL EQUITY DATE CREDIT ASSETS LIASILITIES DESCRIPTION POST. RE DENT Adjusting Entries 1 2 B. Journalize the adjusting entry on December 31 tor the amortization of the palent rights Reler to the Chart of Accounts for exact wording of account stles PAGE 2 ACCOUNTING EQUATION JOURNAL LIABILITIES EQUITY CREDIT ASSETS DENT POST. REF DESCRIPTION DATE Adjusting Entries 1 2