Prepare Adjusting Journal Entries Dated December 31 of the Current

question 134

Essay

Prepare adjusting journal entries dated December 31 of the current year for the following independent situations.
a.Hops Corporation acquired several patents on March 1 of the current year for a total price of $48,000.The patents have an estimated remaining legal life of 15 years and an estimated useful,economic life of 8 years.
b.Goodwill amounting to $180,000 was purchased in a company acquisition on July 1 of the current year.The goodwill is believed to have an indefinite benefit.

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Definitions:

Highly Personal

Refers to services or products tailored specifically to an individual's needs or preferences.

Impersonal

Lacking personal emotion or warmth; detached or objective.

Self-disclosure

The act of revealing personal information to others, which can strengthen relationships and foster trust.

Very Personal

Describes a level of interaction or communication that is highly individualized and intimate.