Instructions On April 1, a patent with an estimated useful economic life of 13 years was acquired for $468,000. In addition, on December 31, it was estimated that goodwill of $3,867,800 was impaired. a. Journalize the entry to record the acquisition of the patent. b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. G. Journalize the adjusting entry on December 31 for the impaired goodwill. < ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land CHART OF ACCOUNTS General Ledger 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment REVENUE 410 Sales 610 Interest Revenue 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment 622 Gain on Sale of Patent 623 Gain on Sale of Goodwill EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense Chart of Accounts 120 Accumulator Depreciation Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Uw vry Experie 524 Repairs and Maintenance Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Equipment 533 Depletion Expense 534 Amortization Expense-Patents 535 Insurance Expense 536 Supplies Expense 539 Miscellaneous Expense 710 Interest Expense 720 Loss on Sale of Delivery Truck 721 Loss on Sale of Equipment 722 Loss on Sale of Patent 723 Loss from Impaired Goodwill Solicial General Journal Instructions a. Journalize the entry to record the acquisition of the patent. 1 DATE DESCRIPTION JOURNAL POST. REF. b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. DEBIT CREDIT PAGE 2 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY PAGE 2 General Journal b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. 1 2 3 DATE DESCRIPTION Adjusting Entries DATE c. Journalize the adjusting entry on December 31 for the impaired goodwill. DESCRIPTION JOURNAL Adjusting Entries JOURNAL POST. REF. POST. REF DEBIT DEBIT CREDIT CREDIT ASSETS ACCOUNTING EQUATION ASSETS PAGE 2 LIABILITIES EQUITY ACCOUNTING EQUATION PAGE 1 LIABILITIES EQUITY