Question
These are selected 2022 transactions for Flint Corporation. Jan. 1 Purchased a small company and recorded goodwill of $199,000. Its useful life is indefinite. May
These are selected 2022 transactions for Flint Corporation.
| Jan. 1 | Purchased a small company and recorded goodwill of $199,000. Its useful life is indefinite. | |
| May 1 | Purchased a patent with an estimated useful life of 6 years and a legal life of 18 years for $135,000. |
Prepare all adjusting entries at December 31 to record amortization required by the events.
| Dec. 31 | |||
|---|---|---|---|
| (To record goodwill amortization) | |||
| Dec. 31 | |||
| (To record patent amortization) |
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Managerial Accounting Tools for business decision making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
5th edition
470506954, 471345881, 978-0470506950, 9780471345886, 978-0470477144
