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Can someone please double check my work and make sure it is correct? Thank you! Impaired Goodwill and Amortization of Patent On April 1, a

Can someone please double check my work and make sure it is correct? Thank you! image text in transcribed
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $72,000. In addition, on December 31, it was estimated that goodwill of $56,000 was impaired a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 Patents 72,000 Cash 72.000 b. Journalize the adjusting entry on December 31 for the amortization of the potent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank Dec 1 Amortization Expense-Patents Patents 4.500 4.500 Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank Dec 31 Loss from Impaired Goodwill 56.000 Goodwill 56.000

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