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 $56,500 was impaired. 'a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 Patents Cash V O O Feedback Check My Work 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 Feedback 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 Goodwill Feedback Fixed asset turnover ratio Select financial statement data for two recent years for Davenport Company are as follows: 2045 2014 Sales $1,930,500 $1,254,000 Fixed assets: Beginning of year 700,000 620,000 End of year 730,000 700,000 a. Determine the fixed asset turnover ratio for 2014 and 20Y5. Round to one decimal place. 2015 2014 Fixed Asset Turnover Ratio b. Does the change in the fixed asset turnover ratio from 2014 to 2045 indicate a favorable or an unfavorable change? Favorable Feedback Feedback shiny Straight-Line Depreciation Rates Convert each of the following estimates of useful life to a straight-line depreciation rate, stated as a percentage, assuming that the residual value of the fixed asset is to be ignored: (a) 4 years, (b) 8 years, (c) 10 years, (d) 16 years, (e) 25 years, () 40 years, (9) 50 years. If required, round your answers to two decimal places. Years Percentage 4 years 8 years 10 years 16 years 25 years 40 years 50 years