Impaired Goodwill and Amortization of PatentOn April 1, a patent with an estimated useful economic life of 12 years was acquired for $1,500,000. In addrion, on December 31, It was estimated that goodwill of$6,000,000 was impaired.a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank.88April 1 -b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. If an amount box does not require an entry, leave it blank.Dec. 31a Journalize the adjusting entry on December 31 for the impaired goodwill. f an amount box does not require an entry, leave it blank.Dec. 31

Every accounting transactions of the business needs to be properly accounted and entered in the…

Impaired Goodwil and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $1,500,000. In addition, on December 31, it was estimated that goodwil of $6,000,000 was impaired. a Record the acquisition of patent. If an amount box does not require an entry, leave R blank. :88 April 1 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. If an amount box does not require an entry, leave t blank. Dec. 31 - c Joumalize the adjusting entry on December 31 for the impaired goodwil. I an amount box does not require an entry, leave it blank. Dec. 31