Impaired Goodwill and Amortization of PatentOn April 1, a patent with an estimated useful economic life of 12 years was acquired for 86,400. In addition, on December 31, it was estimated that goodwill of40,500 was impaired.a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank.April 1Patents Dr. 86,400Cash Cr. 86,400FeedbackRecall that goodwill is not amortized because its useful life is indefinite.b. Journalize the adjusting entry on December 31 for the
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