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Impaired Goodwill and Amortization of Patent On April 1 , a patent with an estimated useful economic life of 1 2 years was acquired for
Impaired Goodwill and Amortization of Patent
On April a patent with an estimated useful economic life of years was acquired for $ In addition, on December it was estimated that goodwill of $ was impaired.
a Record the acquisition of patent. If an amount box does not require an entry, leave it blank.
April
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Recall that goodwill is not amortized because its useful life is indefinite.
b Journalize the adjusting entry on December 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.
c Journalize the adjusting entry on December for the impaired goodwill. If an amount box does not require an entry, leave it blank.
Dec. Loss from Impaired Goodwill
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