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Record the acquisition of patent

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Question - Impaired Goodwill and Amortization of Patent - On April 1, a patent with an estimated useful economic life of 12 years was acquired for $100,800. In addition, on December 31, it was estimated that goodwill of $60,500 was impaired.

Required -

a. Record the acquisition of patent.

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

Reference no: EM133128868

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