On December 31, it was estimated that goodwill of $65,000 was impaired. On July 1, a patent with an estimated useful economic life of 10 years was acquired for $60,000.

Required:

(a)

Journalize the adjusting entry on December 31 for the impaired goodwill.*

(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.

Journalize the adjusting entry on December 31 for the impaired goodwill. Refer to the Chart of Accounts for exact wording of account titles.

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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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JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2