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14 January, 21:12

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.

Journalize the adjusting entry on December 31 for the impaired goodwill.

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  1. 15 January, 00:50
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    Answer

    debit credit

    assets acquired $ 1 500 000

    goodwill $6 000 000

    cash $2 100 000

    Explanation:

    goodwill is an intangible asset that the company purchases from another company in the price that is higher than their own fair value
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