ma ignment Man.doinvokereta AssignmentSession Locatorin. A Impaired Goodwill and Amortization of Patent On April 1, patent with an estimated useful economic life of 12 years was acquired for $86,400. In addition, on December 31, it was estimated that goodwill of $47,500 was impaired. a. Record the acquisition of patent of an amount box does not require an entry, leave it blank. April 1 Patents Cash Taata Recall that goodwill is not amortized because its useful is indefinite, b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not rood intermediate calculations. If an amount box does not require an entry leave it blank, Dec. 31 Amortization expense Patents Patents 88 Che A separate contact account is usually not used for intangible assetPay dose attention to the date of purchase