PE 9-8B Impaired goodwill and amortization of patent
On December 31, it was estimated that goodwill of $6,000,000 was impaired. In addition, a patent with an estimated useful economic life of 12 years was acquired for $1,500,000 on April 1.
a. Journalize the adjusting entry on December 31 for the impaired goodwill.
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b. Journalize the adjusting entry on December 31 for the amortization of the patent rights.