Question
The following are selected 2017 transactions of Pedigo Corporation. Jan. 1 Purchased a small company and recorded goodwill of $187,000. Its useful life is indefinite.
The following are selected 2017 transactions of Pedigo Corporation.
Jan. 1 Purchased a small company and recorded goodwill of $187,000. Its useful life is indefinite.
May 1 Purchased for $142,500a patent with an estimated useful life of5years and a legal life of20years.
Prepare necessary adjusting entries at December 31 to record amortization required by the events above.
Date Account Title Debit Credit
Dec 31 No Entry 0
No Entry 0
Dec 31 Amortization Expense
Patents
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Business Law
Authors: Henry Cheeseman
10th Edition
0134728785, 978-0134728780
