Question 4 1. Prepare journal entries for 2016 for the following independent situations Assume each orga Keepers inc. purchases a patent for $425,000 on january 1", Keepers estimates this patent to have a S year useful life. Blue Bat Corporation purchases one of their main competitors on March 31. Blue Bat paid $90,000 for this purchase which included assets of $70.000 and liabilities of $2.000. The goodwill is believed to have an indefinite benefit