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    journal entries for amortization for patent and goodwill

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    The following are selected 2006 transactions of Yosuke Corporation. Purchased a small company and recorded goodwill of $150, 000. Its useful life is indefinite. Purchased for $60, 000 a patent with an estimated useful life of 5 years and a legal life of 20 years. Prepare necessary adjusting entries at December 31 to record amortization required by the events above.

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    Jan. 1 Goodwill 150,000
    Cash 150,000

    Yosuke Corporation purchased a small company and recorded goodwill ...

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