On December 31, Bowman Company estimated that goodwill of $80,000 was impaired. On June 1, a patent with an estimated useful economic life of 10 years was acquired for $252,000.

Required: (1) Journalize the adjusting entry on December 31 for the impaired goodwill.*

(2) Journalize the adjusting entry on December 31 for the amortization of the patent rights.* *Refer to the Chart of Accounts for exact wording of account titles.