Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $115,200. In addition, on December 31, it was estimated that goodwill of $27,000 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 Accumulated Depletion x 115.2007 Cash 115.2007 Feedback Chey w 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 Amortization Expense-Patents Patents X 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 Feedba 7 Chook My Work Goodwill is not amortized like other intangible assets. If Goodwill is impaired, a loss should be recorded. Partially correct