- PITI 1. On December 31, 2020 it was estimated that goodwill of $9,000,000 was impaired. In addition, a patent with an estimated useful economic life of 14 years was acquired for $1,680,000 on May 1. a. Journalize the adjusting entry on December 31 for the impaired goodwill. b. What is goodwill? c. What does it mean for goodwill to be impaired? d. Journalize the adjusting entry on December 31 for the amortization of the patent rights. e. Why are patents and other intangible assets amortized