On December 31, it was estimated that goodwill of $65,000 was impaired. On July 1, a patent with an estimated useful economic life of 10 years was acquired for $60,000. (a) Journalize the adjusting entry on December 31 for the impared goodwill.
(b) Joumalize the adjusting entry on December 31 for the amortization of the patent rights.

Question

Quizplus · Accepted Answer

The Answer of On December 31, it was estimated that goodwill of $65,000 was impaired. On July 1, a patent with an estimated useful economic life of 10 years was acquired for $60,000. (a) Journalize the adjusting entry on December 31 for the impared goodwill.
(b) Joumalize the adjusting entry on December 31 for the amortization of the patent rights.

On December 31, It Was Estimated That Goodwill of $65,000