Homework Answers
| A. | JOURNAL | ACCOUNTING EQUATION | |||||||
| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | ||
| 1 | Adjusting Entries | ||||||||
| 2 | December 31 | Loss from Impaired Goodwill | 723 | 3656700 | - | ||||
| 3 | Goodwill | 132 | 3656700 | - | |||||
| B. | JOURNAL | ACCOUNTING EQUATION | |||||||
| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | ||
| 1 | Adjusting Entries | ||||||||
| 2 | December 31 | Amortization Expense-Patents | 534 | 28410 | - | ||||
| 3 | Patents | 133 | 28410 | - | |||||
Annual amortization of Patent = $454560/12 years = $37880
Amortization expense = $37880 x 9/12 = $28410
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