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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 $72,000. In addition, on December 31, it was estimated that goodwill of $50,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 Patents 88 Cash Feedback ►Check My Work b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank. Dec. 31 Amortization Expense-Patents 88 Patents Feedback ►Check My Work 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 Loss from Impaired Goodwill Goodwill

Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $72,000. In addition, on December 31, it was estimated that goodwill of $50,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 Patents 88 Cash Feedback ►Check My Work b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank. Dec. 31 Amortization Expense-Patents 88 Patents Feedback ►Check My Work 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 Loss from Impaired Goodwill Goodwill

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 64E
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Subject :- Accounting 

Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $72,000. In addition, on December 31, it was estimated that goodwill of $50,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 Patents Cash Feedback Check My Work b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank. Dec. 31 Amortization Expense-Patents Patents Feedback Check My Work 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 Loss from Impaired Goodwill 88 Goodwill
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 $72,000. In addition, on December 31, it was estimated that goodwill of $50,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 Patents Cash Feedback Check My Work b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank. Dec. 31 Amortization Expense-Patents Patents Feedback Check My Work 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 Loss from Impaired Goodwill 88 Goodwill
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