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Below are several events related to intangible assets for Adamidehkordj Company during 2022. a) Adamidehkordi purchased another company on July 1, 2022 and recorded Goodwill
Below are several events related to intangible assets for Adamidehkordj Company during 2022. a) Adamidehkordi purchased another company on July 1, 2022 and recorded Goodwill of $400,000. b) Adamidehkordi purchased a Patent for $18,000 on January 1, 2022. In addition, $9,000 was spent in legal costs on January 1, 2022 to successfully defend the Patent in court against competitors. The Patent has a legal life of 20 years and an estimated useful life of 9 years. c) Adamidehkordi purchased a Trademark for $25,000 on May 1, 2022. The rights to the trademark can be renewed indefinitely. Instructions: For each of the above events, record the appropriate adiusting journal entry for amortization at yearend on December 31,2022 . If no entry is required, state so and explain why
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