(Answered) On december 31 it was estimated that goodwill of 500000 was

Accounting

On December 31, it was estimated that goodwill of $500,000 was impaired. In addition, a patent with an estimated useful economic life of eight years was acquired for $388,000 on July 1.

(a) Journalize the adjusting entry on December 31 for the impaired goodwill.

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

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