Business, 10.12.2021 22:50, cabieses23

On December 31, it was estimated that goodwill of $4,089,100 was impaired. In addition, a patent with an estimated useful economic life of 17 years was acquired for $1,177,080 on August 1. Required:
A. Journalize the adjusting entry on December 31 for the impaired goodwill. Refer to the Chart of Accounts for exact wording of account titles.
B. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Refer to the Chart of Accounts for exact wording of account titles.

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On December 31, it was estimated that goodwill of $4,089,100 was impaired. In addition, a patent wit...