Necessary adjusting entries to record amortization


Problem:

Please assist with the given problem.

The following are selected 2006 transactions of Yosuke Co.:

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 yrs. and a legal life of 20 yrs.

Instructions: Prepare necessary adjusting entries at Dec 31st to record amortization required by the events above.

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Finance Basics: Necessary adjusting entries to record amortization
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