On April 1, a patent with an estimated useful economic life of 12 years was acquired for $57,600. In addition, on December 31, it was estimated that goodwill of $40,000 was impaired.

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	Accumulated DepletionAmortization ExpenseCashDepletion ExpenseDepreciation ExpenseGoodwillLoss from Impaired GoodwillLoss from Impaired Goodwill	Loss from Impaired Goodwill	Loss from Impaired Goodwill
	Accumulated DepletionAmortization ExpenseCashDepletion ExpenseDepreciation ExpenseGoodwillLoss from Impaired GoodwillGoodwill	Goodwill	Goodwill