The following are selected 2017 transactions of Yosuke Ltd. Jan. 1 Purchased a small company and recorded
Question:
Jan. 1 Purchased a small company and recorded goodwill of €150,000. Its useful life is indefinite.
May 1 Purchased for €84,000 a patent with an estimated 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
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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Dec 31 Amortization Expense ...View the full answer
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Related Book For 
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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