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Exercise #5 The following are selected 2014 transactions of Yankee Corporation. Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life

Exercise #5

The following are selected 2014 transactions of Yankee Corporation.

Jan. 1

Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite.

May 1

Purchased for $84,000 a patent with an estimated useful life of 5 years and a legal life of 20 years.

Instructions

Prepare necessary adjusting entries at December 31 to record amortization required by the events above.

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