Impaired fioodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for 557,600 . in add tion, on December 31 , it wat ntmated that giofic of 557,500 was impaired. a. Record the acquisition of patent, if an amount box does not require an entry, leave it bank. April 1 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights, Do nos round intermetiate caicuiaters. If ar aminet bic den not require an entry, leave it blank. Dec. 31 c. Journalize the adjusting entry on December 31 for the impaired goodiaill. If an amount box does not requie as entey, Nave ir bars. Dec. 31