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 $32,500 was impaired.

Question Content Area

a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank.

April 1
Accumulated DepletionAmortization ExpenseCashDepletion ExpensePatents
- Select - - Select -

Accumulated DepletionAmortization ExpenseCashDepletion ExpenseDepreciation Expense
- Select - - Select -

Question Content Area

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
Accumulated DepletionAmortization Expense-PatentsCashDepletion ExpenseDepreciation Expense
- Select - - Select -

Amortization ExpenseCashDepletion ExpenseDepreciation ExpensePatents
- Select - - Select -

Question Content Area

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 Goodwill
- Select - - Select -

Accumulated DepletionAmortization ExpenseCashDepletion ExpenseDepreciation ExpenseGoodwillLoss from Impaired Goodwill
- Select - - Select -

Question

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 $32,500 was impaired.

Question Content Area

a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank.

April 1	Accumulated DepletionAmortization ExpenseCashDepletion ExpensePatents	- Select -	- Select -
	Accumulated DepletionAmortization ExpenseCashDepletion ExpenseDepreciation Expense	- Select -	- Select -

Question Content Area

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	Accumulated DepletionAmortization Expense-PatentsCashDepletion ExpenseDepreciation Expense	- Select -	- Select -
	Amortization ExpenseCashDepletion ExpenseDepreciation ExpensePatents	- Select -	- Select -

Question Content Area

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 Goodwill	- Select -	- Select -
	Accumulated DepletionAmortization ExpenseCashDepletion ExpenseDepreciation ExpenseGoodwillLoss from Impaired Goodwill	- Select -	- Select -

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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

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