Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $86,400. In addition, on December 31, it was estimated that goodwill of $60,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 Patents ______ _____________ Cash _______ _________ 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 Amortization Expense-Patents __________ ___________ Patents______________ _______________ 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 $60500 _____0_ Goodwill __0_______ $60500

Impaired Goodwill and Amortization of Patent a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 Feedback Check My Work Dec. 31