The general journal of Kevin Berry Industries included the following entries relating to various expenditures during 20X5. Review this information and prepare corresponding entries to record any necessary straight-line amortization or other impairment for the year ending December 31.

The general journal of Kevin Berry Industries included the following entries relating to various expenditures during 20X5. Review this information and prepare corresponding entries to record any necessary straight-line amortization or other impairment for the year ending December 31. GENERAL JOURNAL Date 1-Jan Accounts Patent Debit Credit 30,000 Cash 30,000 Acquired a patent from an inventor. The patent has a 15-year remaining legal life, but it is expected that Berry will utilize the patent for only 5 years. 15-May Research Expense 12,000 Cash 12,000 Incurred costs in research and development activity. It is possible these costs will result in new product with a 48-month life. 1-Sep Inventory 25,000 Building 75,000 Goodwill 50,000 Cash 150,000 To record purchase of business, expected to be operated successfully for an indefinite number of future years. 20-Dec Copyright Cash Purchased copyright to a video production, but concluded that it was worthless by year's end. 10,000 10,000 GENERAL JOURNAL Date Accounts Debit Credit