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Journalize the adjusting entry on December for amortization

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Reference no: EM132694302

Problem - On December 31, it was estimated that goodwill of $6,000,000 was impaired. In addition, a patent with an estimated useful economic life of 12 years was acquired for $1,500,000 on April 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: EM132694302

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