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.

On December 31, it was estimated that goodwil 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. Joumalize the adjusting eniry on December 31 for the impaired goedwit. Peter to the Chart or Accounts for exact wording of account titles. B. Journalize the adjusting entry on December 31 for the amortization of the parent riahts. Fefer to the Chart of Accounts for exact wording of account tities. 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. Joumalize the adjusting entry on December 31 tor the amortization of the patent rights. Refer to the Chart of Accounts for exact wording of account bites. CHART OF ACCOUNTS 119 Prepaid insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense 524 Repairs and Maintenance Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Equipment 533 Depletion Expense 534 Amortization Expense-Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary 534 Amortization Expense-Patents 535 Insurance Expense 536 Supplies Expense 539 Miscellaneous Expense 710 Interest Expense 720 Loss on Sale of Delivery Truck 721 Loss on Sale of Equipment 722 Loss on Sale of Patent 723 Loss from Impaired Goodwill