Due to rapid turnover in the accounting department, a number of transactions involving intangible assets were improperly recorded by Goins Company 2017.

Goings developed a new manufacturing process, incurring research and development costs of $147,000. he company also purchased a patent for $51,000. In early January, Goins capitalized $198,000 as the cost of the patents. Patent amortization expense of $19,800 was recorded based on 10 year useful life.

On July 1, 2017, Goins purchased a small company and as a result acquired goodwill of $93,000. Goins recorded a half-year's amortization in 2017, based on a 50 year life ($930 amortization). The goodwill has an indefinite life.

Prepare all journal entries necessary to correct any errors made during 2017. Assume the books have not yet been closed for 2017.