Impaired Goodwill and Amortization of PatentOn April 1, a patent with an estimated useful economic life of 12 years was acquired for $1,500,000. In addition, on December 31, It was estimated that goodwill of$6,000,000 was impaired.a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank.April 1b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. If an amount box does not require an entry, leave it blank.Dec. 31c. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank.Dec. 310000

Asset can be categorized into tangible and intangible assets, all such assets which are having…

Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated usefu economic life of 12 years was acquired for $1,500,000. In addition, on December 31, t was estimated that good $6,000,000 was impaired. a. Record the acquistion of patent. If an amount box does not require an entry, leave it blank. 38 April1 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. If an amount box does not require an entry, leave k blank. Dec. 31 e. 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

Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated usefu economic life of 12 years was acquired for $1,500,000. In addition, on December 31, t was estimated that good $6,000,000 was impaired. a. Record the acquistion of patent. If an amount box does not require an entry, leave it blank. 38 April1 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. If an amount box does not require an entry, leave k blank. Dec. 31 e. 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

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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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
On December 31, it was estimated that goodwill of $4,950,000 was impaired. In addition, a patent with an estimated useful economic life of 12 years was acquired for $432,000 on April 1. Question Content Area a. 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 - Select - - Select - - Select - - Select - Question Content Area 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 - Select - - Select - - Select - - Select -
E Print Item Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $115,200. In addition, on December 31, it was estimated that goodwill of $56,500 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, 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
Troy Aikman Corporation purchased a patent from Salmon Company on Jaunary 1, 2017, for $54,000. The patent has a remaining legal life of 16 years Troy Aikman feels the patent will be useful for 10 years. Prepare Troy Aikmans Journal entry to record the amortization of the patent in 2017 O Patent Expense $5.400 Cash $5.400 O Patent Expense $5 400 Patent $5.400 O Patent $5,400 Patent Expense $5,400 O None of the Above
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On December 31, Chase Rock Company estimated that a goodwill of $80,000 was impaired. In addition, on June 1, Chase Rock acquired a patent with an estimated useful life of 10 years for $262,000. Required: Journalize the adjusting entry on December 31, for the impaired goodwill. Journalize the adjusting entry on December 31, for the amortization of the patent rights.
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