Jan. 1Purchased a small company and recorded goodwill of $177,000. Its useful life is indefinite. May 1Purchased for $144,000 a patent with an estimated useful life of 6 years and a legal life of 19 years. Prepare necessary adjusting entries at December 31 to record amortization required by the events above.
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Home » Business » Jan. 1Purchased a small company and recorded goodwill of $177,000. Its useful life is indefinite. May 1Purchased for $144,000 a patent with an estimated useful life of 6 years and a legal life of 19 years.