Set Module Five X 2 CengageNOWv2 | Orlime too X mpaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $85,401 In adition, on December 31, It was estimated that goodwill of $47,509 was impaired. a. Record the anguishtion of patent. If an amount box does nut require an entry, leave it Ularik. April 1 Patents Cash Recall that goodwill is not amortized because its useful life is indefinite. b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do net round ichermediate calculations. if on amount box does not require an entry, leave it blank. Dec. 31 Amortization Expense Patents Patents 8.2 * Diet My Work A separate contra asset account is usually not used for intangible assets. Pay close amerition to the date of purchase Check My Work Previous Next &gt