Impaired goodwill and amortization of patent Instructions Chart of Accounts General Journal Instructions On April 1, a patent with an estimated useful economic life of 12 years was acquired for $454,560. In addition, on December 31, it was estimated that goodwill of $3,656,700 was impaired. a. Journalize the entry to record the acquisition of the patent. b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. c. Journalize the adjusting entry on December 31 for the impaired goodwill. General Journal a. Journalize the entry to record the acquisition of the patent. 1 2 DESCRIPTION JOURNAL PAGE 2 ACCOUNTING FOLIATION. POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. DATE DESCRIPTION 1 Adjusting Entries 2 3 JOURNAL c. Journalize the adjusting entry on December 31 for the impaired goodwill. 2 3 DATE DESCRIPTION Adjusting Entries JOURNAL PAGE 2 ACCOUNTING FOLIATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY PAGE 1 ACCOUNTING FOLIATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY