Prepare adjusting journal entries dated December 31 of the current year for the following independent situations.
a.Hops Corporation acquired several patents on March 1 of the current year for a total price of $48,000.The patents have an estimated remaining legal life of 15 years and an estimated useful,economic life of 8 years.
b.Goodwill amounting to $180,000 was purchased in a company acquisition on July 1 of the current year.The goodwill is believed to have an indefinite benefit.
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