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28 Sep 2019
On December 31, it was estimated that goodwill of $6,000,000 wasimpaired. In addition, a patent with an estimated useful economiclife of 12 years was acquired for $1,500,000 on April 1.
A. Journalize the adjusting entry on December 31 for theimpaired goodwill.
B. What is goodwill?
C. What does it mean for goodwill to be impaired?
D. Journalize the adjusting entry on December 31 for theamortization of the patent rights.
E. Why are patents and other intangible assets amortized?
On December 31, it was estimated that goodwill of $6,000,000 wasimpaired. In addition, a patent with an estimated useful economiclife of 12 years was acquired for $1,500,000 on April 1.
A. Journalize the adjusting entry on December 31 for theimpaired goodwill.
B. What is goodwill?
C. What does it mean for goodwill to be impaired?
D. Journalize the adjusting entry on December 31 for theamortization of the patent rights.
E. Why are patents and other intangible assets amortized?
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Jean KeelingLv2
28 Sep 2019