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Journalize adjusting entry on December for the amortization

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Reference no: EM132877860

Problem - Impaired goodwill and amortization of patent - On December 31, it was estimated that goodwill of $750,000 was impaired. In addition, a patent with an estimated useful economic life of 18 years was acquired for $864,000 on August 1.

Required -

a. Journalize the adjusting entry on December 31 for the impaired goodwill.

b. Journalize the adjusting entry on December 31 for the amortization of the patent rights.

Reference no: EM132877860

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