Chart of Accounts Journal Instructions On April 1, a patent with an estimated useful economic life of 18 years was acquired for $510,720. In addition, on December 31, it was estimated that goodwill of ho $4,084,600 was impaired. a. Record the acquisition of patent. 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 C. Journalize the adjusting entry on December 31 for the impaired goodwill. Refer to the Chart of Accounts for exact wording of account titles