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 $51,500 was impaired a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank April 1 Patents 57,600 Cash 57,600 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. It an amount box does not require an entry, leave it blank Dec. 31 Amortization Expense-Patents 56,200 X Patents 56,200 X Feedback Check My Work A separate contra asset account is usually not used for intangible assets. Pay close attention to the date of purchase, 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 51.500 Goodwill . 51 500 Now Entries for Sale of Fixed Asset Equipment acquired on January 5 at a cost of $169,150 has an estimated useful life of 16 years, has an estimated dus value of $9,950, and is deprecated by the strughes method 4. What was the book value of the equipment at December 31 the end of the fourth year? b. Assume that the equipment was sold on April 1 of the fifth year for $121,807, 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required Depreciation Expense Equipment Accumulated Depreciation Equipment 2. Joumalize the entry to record the sale of the equipment. It an amount box does not require an entry leave it black. Dar net round intermediate calculation Cau Accumulated Depreciation Equipment lossom Sale of Equipment 169150