Prepare journal entries for 2017 for the following independent situations.Assume each organization has a December 31 year end.
a.Keepers Inc.purchases a patent for $225,000 on January 1^st.Keepers estimates this patent to have a 5 year useful life.
b.Blue Bat Corporation purchases one of their main competitors on March 31,2017.Blue Bat paid $160,000 for this purchase which included assets of $120,000 and liabilities of $10,000.The goodwill is believed to have an indefinite benefit.

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The Answer of Prepare journal entries for 2017 for the following independent situations.Assume each organization has a December 31 year end. a.Keepers Inc.purchases a patent for $225,000 on January 1^st.Keepers estimates this patent to have a 5 year useful life. b.Blue Bat Corporation purchases one of their main competitors on March 31,2017.Blue Bat paid $160,000 for this purchase which included assets of $120,000 and liabilities of $10,000.The goodwill is believed to have an indefinite benefit.

Prepare Journal Entries for 2017 for the Following Independent Situations