Question

Print Item Calculator Show Me How еВоок Impaired Goodwill and Amortization of Patent On December 31, it was estimated that goodwill of $30,000 was impaired. In addition, a patent with an estimated useful economic life of 12 years was acquired for $115,200 on April 1. a. Journalize the adjusting entry on December 31 for the impaired goodwill. Loss from Impaired Goodwill Deс. 31 Goodwill Feedbad TOhedk My Wo Recall that goodwill is not amortized because its useful life is indefinite Leaming Objective 5 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. Der 31 Amortiration Expense Patents Patents chea My on Aseparate contra asset account is usualy not used for intangible assets Pay close attention to the date of purchase dheck Works Previous Next 952 AM 11/12/2019

Answer 1

Journal Entry Answer Date General Journal Debit Credit Loss on Impaired Goodwill $30,000 Dec. 31 $30,000 Goodwill (To record the Impairment of Goodwill) b General Journal Debit Credit Date Amortization Expense Patents $7,200 Dec. 31 [($115,200 12 years) x 9/12] $7,200 Patents (To record the amortization of Patents)