On April 1, a patent with an estimated useful economic life of 12 years was acquired for $1,500,000. In addition, on December 31, it was estimated that goodwill of $6,000,000 was impaired. a. Record the acquisition of patent. 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. c. Journalize the adjusting entry on December 31 for the impaired goodwill. Refer to the Chart of Accounts for exact wording of account titles.
