On December 31, Bowman Company Estimated That Goodwill of $80,000

question 159

Essay

On December 31, Bowman Company estimated that goodwill of $80,000 was impaired. On June 1, a patent with an estimated useful economic life of 10 years was acquired for $252,000.​Required
(a) Journalize the adjusting entry on December 31 for the impaired goodwill.
(b) Journalize the adjusting entry on December 31 for the amortization of the patent rights.

---

Definitions:

Overt Behavior

Observable actions or responses of an individual, which can be directly seen and recorded by others.

Bodily Changes

Physical alterations in the body that occur due to various factors such as aging, exercise, stress, or disease.

Emotion Terms

Words or phrases used to describe subjective feelings and moods.

Influence

The capacity to have an effect on the character, development, or behavior of someone or something.