Impaired Goodwill and Amortization of Patent

On April $1,$ a patent with an estimated useful economic life of $12$ years was acquired for $$57,600.$ In addition, on December $31,$ it was estimated that goodwill of $$39,500$ was impaired.

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

April $1$

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Recall that goodwill is not amortized because its useful life is indefinite.

b$.$ Journalize the adjusting entry on December $31$ for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank.

Dec. $31$

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c$.$ Journalize the adjusting entry on December $31$ for the impaired goodwill. If an amount box does not require an entry, leave it blank.

Dec. $31$ Loss from Impaired Goodwill $$

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