mpaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $115,200. In addition, on December 31, it was estimated that goodwill of $48,500 was impair a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 Patents ✓ 88 Cash Feedback ✓ Check My Work Recall that goodwill is not amortized because its useful life is indefinite. b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it t Dec. 31 Amortization Expense-Patents 88 Patents Feedback ✓ Check My Work A separate contra asset account is usually not used for intangible assets. Pay close attention to the date of purchase. c. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank. Dec. 31 Loss from Impaired Goodwill ✓ Goodwill

mpaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $115,200. In addition, on December 31, it was estimated that goodwill of $48,500 was impair a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 Patents ✓ 88 Cash Feedback ✓ Check My Work Recall that goodwill is not amortized because its useful life is indefinite. b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it t Dec. 31 Amortization Expense-Patents 88 Patents Feedback ✓ Check My Work A separate contra asset account is usually not used for intangible assets. Pay close attention to the date of purchase. c. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank. Dec. 31 Loss from Impaired Goodwill ✓ Goodwill

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 62E

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On April 1, a patent with an estimated useful economic life of 12 years was acquired for $100,800. In addition, on December 31, it was estimated that goodwill of $27,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 Patents fill in the blank eea2f202506803f_2 fill in the blank eea2f202506803f_3 Cash fill in the blank eea2f202506803f_5 fill in the blank eea2f202506803f_6 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank. Dec. 31 fill in the blank 502bbf0b5fa3fbc_2 fill in the blank 502bbf0b5fa3fbc_3 fill in the blank 502bbf0b5fa3fbc_5 fill in the blank 502bbf0b5fa3fbc_6 c. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank. Dec. 31 fill…
Amortization Entries Kleen Company acquired patent rights on January 10 of Year 1 for $2,800,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $38,000. a. Determine the patent amortization expense for Year 4 ended December 31. 134,000 x Feedback V Check My Work For intangible assets with finite lives, a company uses the straight-line method to calculate amortization. If a company successfully defends a patent it becomes part of the cost of the patent. If the company loses a lawsuit regarding a patent infringement, then the patent is written off. b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. If an amount box does not require an entry, leave it blank. Amortization Expense-Patents 2,125 X Patents 2,125 X