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On April 1, a patent with an estimated useful economic life of 12 years was acquired for $57,600. In addition, on December 31, it was estimated that goodwill of $51,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 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 blank. Dec. 31 c. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank. 88 Dec. 31

On April 1, a patent with an estimated useful economic life of 12 years was acquired for $57,600. In addition, on December 31, it was estimated that goodwill of $51,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 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 blank. Dec. 31 c. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank. 88 Dec. 31

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I put the choices that go along with the sections. 

Part A.

1.

  • Accumulated Depletion
  • Amortization Expense
  • Cash
  • Depletion Expense
  • Patents

2.

  • Accumulated Depletion
  • Amortization Expense
  • Cash
  • Depletion Expense
  • Depreciation Expense

Part B.

1.

  • Accumulated Depletion
  • Amortization Expense-Patents
  • Cash
  • Depletion Expense
  • Depreciation Expense

2.

  • Amortization Expense
  • Cash
  • Depletion Expense
  • Depreciation Expense
  • Patents

Part C.

1.

  • Accumulated Depletion
  • Amortization Expense
  • Cash
  • Depletion Expense
  • Depreciation Expense
  • Goodwill
  • Loss from Impaired Goodwill

2.

  • Accumulated Depletion
  • Amortization Expense
  • Cash
  • Depletion Expense
  • Depreciation Expense
  • Goodwill
  • Loss from Impaired Goodwill
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $57,600. In addition, on December 31, it was estimated that goodwill of $51,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 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. 88 Dec. 31 c. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank. Dec. 31
Transcribed Image Text:Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $57,600. In addition, on December 31, it was estimated that goodwill of $51,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 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. 88 Dec. 31 c. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank. Dec. 31
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