Record the appropriate adjusting journal entry

Reference no: EM133474940

Below are several events related to intangible assets for Adamidehkordi Company during 2022.

Question 1: Adamidehkordi purchased another company on July 1, 2022 and recorded Goodwill of $400,000.

Question 2: Adamidehkordi purchased a Patent for $18,000 on January 1, 2022. In addition, $9,000 was spent in legal costs on January 1, 2022 to successfully defend the Patent in court against competitors. The Patent has a legal life of 20 years and an estimated useful life of 9 years.

Question 3: Adamidehkordi purchased a Trademark for $25,000 on May 1, 2022. The rights to the trademark can be renewed indefinitely.

Instructions:

For each of the above events, record the appropriate adjusting journal entry for amortization at year-end on December 31, 2022. If no entry is required, state so and explain why.

Reference no: EM133474940

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