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v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker= assignments&takeAs; CIS146 Blackboard Learn M ECO231 BUS241 aloulator rt Of Accounts General Journal On December 31, it was estimated that goodwill of $85,000 was impaired. On July 1, a patent with an estimated useful econor Required: (a) Joumalize the adjuating entry on December 31 for the impaired goodwill. (b) Joumalize the adjusting entry on Decomber 3t for the amortization of the patent rights Refer to the Chart of Accounts for exact wording of account titles

Explanation / Answer

Journal entries Date Accounts title and explanations Debit $ Credit $ 31-Dec Loss from impaired Goodwill Dr. 65,000      Goodwill Account 65000 31-Dec Amortization expense-Patents Dr. 3000        Patents 3000 Note: Amortization on Dec31: Patents cost 60,000 Life 10 Annual Amortization 6000 Amortization in Year1 3000 (I july to Dec 31)

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