These are selected 2022 transactions for Ayayai Corporation. Jan. 1 May 1 Prepare all adjusting entries at December 31 to record amortization required by the events. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Purchased a small company and recorded goodwill of $163,000. Its useful life is indefinite. Purchased a patent with an estimated useful life of 4 years and a legal life of 19 years for $96,000. Date Account Titles and Explanation Dec. 31 Dec. 31 (To record goodwill amortization) (To record patent amortization) Debit Credit TO LO ||

These are selected 2022 transactions for Ayayai Corporation. Jan. 1 May 1 Prepare all adjusting entries at December 31 to record amortization required by the events. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Purchased a small company and recorded goodwill of $163,000. Its useful life is indefinite. Purchased a patent with an estimated useful life of 4 years and a legal life of 19 years for $96,000. Date Account Titles and Explanation Dec. 31 Dec. 31 (To record goodwill amortization) (To record patent amortization) Debit Credit TO LO ||

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Description: These are selected 2022 transactions for Ayayai Corporation.Jan. 1 Purchased a small company and recorded goodwill of $163,000. Its useful life is indefinite.May 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 19 ye

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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