FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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* CengageNOWv2 | On x
* Cengage Learning
m/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=. CD
B Milestone Two Guideli x
G module 5 problem set x
A eBook
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Impaired Goodwill and Amortization of Patent
On April 1, a patent with an estimated useful economic life of 12 years was acquired for $43,200. In addition, on December 31, it was estimated that
goodwill of $41,000 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
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Transcribed Image Text:t: Modi X * CengageNOWv2 | On x * Cengage Learning m/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=. CD B Milestone Two Guideli x G module 5 problem set x A eBook Show Me How Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $43,200. In addition, on December 31, it was estimated that goodwill of $41,000 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 Next Previous 3:24 PM Check My Work 11/28/2021 56°F Mostly cloudy a O E - A 0 home delete prt sc %23
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