The following are selected 2006 transactions of Yosuke Corporation. Jan. 1 Brought a small firm and recorded
Question:
The following are selected 2006 transactions of Yosuke Corporation.
Jan. 1 Brought a small firm and recorded goodwill was $150,000. Its useful life is indefinite.
1-MayBrought for $60,000 a patent with an useful life of 5 years and a legal life of 20 years.
Instructions
Prepare necessary adjusting entries at December 31 to record amortization required by the events above.
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of...
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Related Book For 
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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