On December 31,Bowman Company estimated that goodwill of $80,000 was impaired.A patent with an estimated useful economic life of 10 years was acquired for $252,000.
Required:
1 Journalize the adjusting entry on December 31 for the impaired goodwill.
2 Journalize the adjusting entry on December 31 for the amortization of the patent rights.

Question

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The Answer of On December 31,Bowman Company estimated that goodwill of $80,000 was impaired.A patent with an estimated useful economic life of 10 years was acquired for $252,000.
Required:
1 Journalize the adjusting entry on December 31 for the impaired goodwill.
2 Journalize the adjusting entry on December 31 for the amortization of the patent rights.

On December 31,Bowman Company Estimated That Goodwill of $80,000 Was