On December 31, it was estimated that goodwill of $4,000,000 was impaired. In addition, a patent with an estimated useful economic life of 15 years was acquired for $900,000 on August 1.a. Journalize the adjusting entry on December 31 for the impaired goodwill.b. Journalize the adjusting entry on December 31 for the amortization of the patent rights.

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Q: a) Prepare Machi

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A: Please check the step below:-

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