mpaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $86,400. In addition, on December 31, it was estimated that goodwill of $40,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 Patents fill in the blank af587df38070ffe_2 fill in the blank af587df38070ffe_3 Cash fill in the blank af587df38070ffe_5 fill in the blank af587df38070ffe_6 Feedback Recall that goodwill is not amortized because its useful life is indefinite. b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank. Dec. 31 Amortization Expense-Patents fill in the blank a52e4402306cfed_2 fill in the blank a52e4402306cfed_3 Patents
mpaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $86,400. In addition, on December 31, it was estimated that goodwill of $40,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 Patents fill in the blank af587df38070ffe_2 fill in the blank af587df38070ffe_3 Cash fill in the blank af587df38070ffe_5 fill in the blank af587df38070ffe_6 Feedback Recall that goodwill is not amortized because its useful life is indefinite. b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank. Dec. 31 Amortization Expense-Patents fill in the blank a52e4402306cfed_2 fill in the blank a52e4402306cfed_3 Patents
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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mpaired
On April 1, a patent with an estimated useful economic life of 12 years was acquired for $86,400. In addition, on December 31, it was estimated that goodwill of $40,500 was impaired.
a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank.
| April 1 | Patents | fill in the blank af587df38070ffe_2 | fill in the blank af587df38070ffe_3 |
| Cash | fill in the blank af587df38070ffe_5 | fill in the blank af587df38070ffe_6 |
Recall that goodwill is not amortized because its useful life is indefinite.
b. Journalize the
| Dec. 31 | Amortization Expense-Patents | fill in the blank a52e4402306cfed_2 | fill in the blank a52e4402306cfed_3 |
| Patents |
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