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On April 1 , a patent with an estimated useful economic life of 1 2 years was acquired for $ 7 2 , 0 0
On April a patent with an estimated useful economic life of years was acquired for $ In addition, on December it was estimated that goodwill of $ was impaired.
a Journalize the entry to record the acquisition of the patent. If an amount box does not require an entry, leave it blank.
April
b Journalize the adjusting entry on December for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank.
December
c Journalize the adjusting entry on December for the impaired goodwill. If an amount box does not require an entry, leave it blank.
December
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