PE t0-8A Impaired goodwill and amoroz XXXXXXXXXX_ • on De:other 31, it was estimated that goodwill...

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PE t0-8A Impaired goodwill and amoroz XXXXXXXXXX_ • on De:other 31, it was estimated that goodwill ot S-i100 was impaired. In additioe patent with an estimated useful economic life of 18 ¦• ears was acquired for $8600,.; on August I. a. Journalize the adjusting entry on December 31 for the impaired goods ill. b. journalize the adjusting entry on December 31 for the aMortiLation of the patent rigjas

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Robert · Accepted Answer

PE 10-8B – Impairment of goodwill and amortization of patent
(a) On December 31, it was estimated that goodwill of $1,200,000 was impaired.  
Journal entry will be 
   Loss on Impairment Debit  $1,200,000 
    Goodwill Credit    $1,200,

PE t0-8A Impaired goodwill and amoroz XXXXXXXXXX_ • on De:other 31, it was estimated that goodwill ot S-i100 was impaired. In additioe patent with an estimated useful economic life of 18 ¦• ears was...

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