Impaired goodwill and amortization of patent Chart of Accounts Journal Instructi

Question

Impaired goodwill and amortization of patent Chart of Accounts Journal Instructions On December 31, it was estimated that goodwill of $3,813,300 was impaired. In addition, a patent with an estimated useful economic life of 15 years was acquired for $852,840 on August 1. Required: A. Journalize the adjusting entry on December 31 for the impaired goodwill. Refer to the Chart of Accounts for exact wording of account titles. B. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Refer to the Chart of Accounts for exact wording of account titles.

Explanation / Answer

date

explanation

debit

credit

31-Dec

loss from impaired goodwill

3813300

goodwill

3813300

31-Dec

amortization expense-patent

56856

patent

56856

amortization expense

56856

852840/15

date

explanation

debit

credit

31-Dec

loss from impaired goodwill

3813300

goodwill

3813300

31-Dec

amortization expense-patent

56856

patent

56856

amortization expense

56856

852840/15

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