Impaired Goodwill and Amortization of Patent On December 31, it was estimated that goodwill of $55,000 was impaired. In addition, a patent with an estimated useful economic life of 12 years was acquired for $57,600 on April 1. a. Journalize the adjusting entry on December 31 for the impaired goodwill Dec. 31 Loss from Impaired Goodwill Goodwill Foodhack Check My Work Recall that goodwill is not amortized because its useful life is indefinite Learning Objective 5. b Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. Dec. 31 Amortization Expense-Patents Patents Feedback