Impaired Goodwill and Amortization of Patent On December 31, it was estimated that goodwill of $5,200,000 was impaired. In addition, a patent with an estimated useful economic life of 12 years was acquired for $1,008,000 on April 1. a. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank. 1,000,000 X Dec. 31 1,000,000 X Feedback Check My Work Recall that goodwill is not amortized because its useful life is indefinte. 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 Feedback Capital Expenditure and Depreciation; Parital-Year Depreciation Willow Creek Company purchased and installed carpet in its new general offices on July 30 for a total cost of $5.370. The carpet is estimated to have a www life and no residual value. a. Prepare the journal entry necessary for recording the purchase of the new carpet. If an amount box does not require an entry, weave it blank July 30 Carpet 5.376 Cash 5,376 Feedback Check My Work Is this purchase improving or extending that of the asset? Or in this purchase something that were the period? b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek uses the right to an amount box does not require an entry, leave it blank. Do not round intermediate calculations. Dec. 31 Depreciation Expense Carpet 40X Accumulated Depreciation Carpet 4 x