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Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated usefu economic life of 12 years was acquired for $1,500,000. In addition, on December 31, t was estimated that good $6,000,000 was impaired. a. Record the acquistion of patent. If an amount box does not require an entry, leave it blank. 38 April1 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 k blank. Dec. 31 e. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank. Dec. 31

Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated usefu economic life of 12 years was acquired for $1,500,000. In addition, on December 31, t was estimated that good $6,000,000 was impaired. a. Record the acquistion of patent. If an amount box does not require an entry, leave it blank. 38 April1 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 k blank. Dec. 31 e. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank. Dec. 31

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 26CE
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Impaired Goodwill 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 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. 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 it blank. Dec. 31 c. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank. Dec. 31 00 00
Transcribed Image Text:Impaired Goodwill 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 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. 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 it blank. Dec. 31 c. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank. Dec. 31 00 00
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