Necessary adjusting entries to record amortization
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The following are selected 2006 transactions of Yosuke Corporation.
Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite.
May 1 Purchased for $60,000 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.
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This helps in giving guidelines on necessary adjusting entries at December 31 to record amortization
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Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite.
Goodwill is not amortized. Carrying value of goodwill is adjusted when it is impaired. Hence there will be no entry for this.
May ...
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