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Journalize the adjusting entry on December

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Reference no: EM132796991

Problem - On December 31, it was estimated that goodwill of $40,000 was impaired. In addition, a patent with an estimated useful economic life of 12 years was acquired for $84,000 on July 1.

Required -

a. Journalize the adjusting entry on December 31 for the impaired goodwill.

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

Reference no: EM132796991

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