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Discuss purchased a patent with an estimated useful life

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Reference no: EM131769943

These are selected transactions for Indigo Corporation:

Jan. 1 Purchased a copyright for $210,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years.
Mar. 1 Purchased a patent with an estimated useful life of 5 years and a legal life of 24 years for $71,400.
Sept.1 Purchased a small company and recorded goodwill of $152,450. Its useful life is indefinite.

Prepare all adjusting entries at December 31 to record amortization required by the events.

Reference no: EM131769943

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