On December 31, it was estimated that goodwill of $4,097,100 was impaired. In addition, a patent with an estimated useful economic life of 14 years was acquired for $501,387 on April 1. 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.

126 Accumulated Depreciation- 523 Delivery Expense 524 Repairs and Maintenance Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense- Equipment LIABILITIES 533 Depletion Expense 534 Amortization Expense-Patents 535 Insurance Expense 536 Supplies Expense 539Miscellaneous 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 210 Accounts Pavable 211 Salaries Pavable 213 Sales Tax Pavable 214 Interest Payable 215 Notes Pavable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary CHART OF ACCOUNTS General Ledger ASSETS REVENUE 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery 410 Sales 610 Interest Revenue 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment 622 Gain on Sale of Patent 623 Gain on Sale of Goodwill EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 125 Equipment Truck 126Accumulatad Danraciatinn