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assignment/takeAssignment Main.do?invokerStakeAssignmentSessionLocator=&inprogress-false eBook Show Me How Calculator Print Item Impaired Goodwill and Amortization of Patent 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 a. Journalize the adjusting entry on December 31 for the impaired goodwill Dec. 31 Loss from Impaired Goodwill 6,000,000 Goodwill 6,000,000 Choky Work Recall that goodwill is not amortized because its useful life is indefinite Leaming Objective 5 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights Dec. 31 Amortization Expense-Patents 62 500 x Patents Feedback Check My W A separate contra asset account is usually not used for intangible assets. Pay close mention to the date of purchase Learning Objectives Previous Check My Work Save and Submit Assignment for Grading All work saved US
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