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On December 31,it Was Estimated That Goodwill of $65,000 Was

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On December 31,it was estimated that goodwill of $65,000 was impaired.On July 1,a patent with an estimated useful economic life of 10 years was acquired for $60,000. On December 31,it was estimated that goodwill of $65,000 was impaired.On July 1,a patent with an estimated useful economic life of 10 years was acquired for $60,000.


Definitions:

Erosion

The process by which soil, rock, or dissolved material is worn away and removed from one location to another by wind, water, or other natural agents.

Polyvarietal Cultivation

The agricultural practice of growing multiple varieties of the same crop in a given area to increase genetic diversity and reduce disease risk.

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