Impaired goodwill and amortization of patent

On April $1,$ a patent with an estimated useful economic life of $12$ years was acquired for $$43,200.$ In addition, on December $31,$ it was estimated that goodwill of $$36,500$ was impaired.

a$.$ Journalize the entry to record the acquisition of the patent. If an amount box does not require an entry, leave it blank.

April $1($

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December $31$

$x$

$x$

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$7$ Check My Work

A separate contra asset account is usually not used for intangible assets. Pay close attention to the date of purchase.