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On December 31, it was estimated that goodwill of $3,918,800 was impaired. In addition, a patent with an estimated useful economic life of 14 years
On December 31, it was estimated that goodwill of $3,918,800 was impaired. In addition, a patent with an estimated useful economic life of 14 years was acquired for $791,616 on August 1. Required: A. Journalize the adjusting entry on December 31 for the impaired goodwill. Refer to the Chart of Accounts for exact wording of account titles. B. 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.
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