On December 31, it was estimated that goodwill of $25,000 was impaired. In addition, a...
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Accounting
On December 31, it was estimated that goodwill of $25,000 was impaired. In addition, a patent with an estimated useful economic life of 10 years was acquired for $36,000 on April 1. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations.
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