Impaired goodwill and amortization of patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $72,000. In addition, on December 31 , it was estimated that goodwill of $44,000 was impaired. a. Journalize the entry to record the acquisition of the patent. If an amount box does not require an entry, leave it blank. Feedback Vheck My Work 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 bl: [ Feedback V Check My Work A separate contra asset account is usually not used for intangible assets. Pay close attention to the date of purchase