The following are selected 2020 transactions of Cheyenne Corporation. Jan. 1 Purchased a small company and...

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The following are selected 2020 transactions of Cheyenne Corporation. Jan. 1 Purchased a small company and recorded goodwill of $198,000. Its useful life is indefinite. Purchased for $96,000 a patent with an estimated useful life of 4 years and a legal life of 15 years. May 1 Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record goodwill amortisation) Dec. 31 (To record patent amortisation) 017 The following are selected 2020 transactions of Cheyenne Corporation. Jan. 1 Purchased a small company and recorded goodwill of $198,000. Its useful life is indefinite. Purchased for $96,000 a patent with an estimated useful life of 4 years and a legal life of 15 years. May 1 Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record goodwill amortisation) Dec. 31 (To record patent amortisation) 017

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There will be no entry for amortisation of goodwill because its useful ... View the full answer