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Journalize the acquisition of the patent on July

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Reference no: EM132741487

Problem - Hollis Company acquired patents for $125,000 on July 1 of the current year. The technology supported by these patents was expected to have a 10-year life. In addition, goodwill from acquiring Logan Company in a prior year was impaired by $30,000 due to new competitive technologies.

Required -

a. Journalize the acquisition of the patent on July 1.

b. Journalize the adjusting entry for the amortization of the patent on December 31.

c. Journalize the adjusting entry for the impairment of goodwill on December 31.

Reference no: EM132741487

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