Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic...

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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 acqu

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Answer 1

Answer #1

B) Adjusting entry

Dec 31	Amortization expense-Patent (43200/12)	3600
	Patent		3600

c) Journal entry

Dec 31	Loss from impaired goodwill	45500
	Goodwill		45500

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Answer 2

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