mpaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $100,800. In addition, on December 31, it was estimated that goodwill of $30,000 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 Patents Cash Feedback Check My Work Recall that goodwill is not amortized because its useful life is indefinite. 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 Amortization Expense-Patents Patents 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 Goodwill 88