wwwww and amortization of patent Instructions Chart of Accounts Journal Instructions On December 31, it was estimated that goodwill of $6,000,000 was impaired. In addition, a patent with an estimated useful economic life of 12 years was acquired for $1.500.000 on April 1.1 A. Joumalize the adjusting entry on December 31 for the impaired goodwill. Refer to the Chart of Accounts for exact wording of account sites B. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Refer to the Chart of Accounts for exact wording of account titles