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Record the acquisition of patent

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Reference no: EM132741616

Problem - Impaired goodwill and amortization of patent - On April 1, a patent with an estimated useful economic life of 12 years was acquired for $1,500,000. In addition, on December 31, it was estimated that goodwill of $6,000,000 was impaired.

a. Record the acquisition of patent.

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

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

Reference no: EM132741616

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