Prepare necessary adjusting entries

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Reference no: EM1363050

I have already journalized all entries required, but am having trouble with adjusting entries at December 31 to record amortization required by the events above.

The following are selected 2006 transactions of Yosuke Corporation.

Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite.
May 1 Purchased for $60,000 a patent with an estimated useful life of 5 years and a legal life of 20 years.

Instructions:
Prepare necessary adjusting entries at December 31 to record amortization required by the events above.

Reference no: EM1363050

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