On April 1, a patent with an estimated useful economic life of 12 years was acquired for $1,500,000. In addition, on December 31, it was estimated that goodwill of $6,000,000 was impaired.

Journalize the adjusting entry on December 31 for the impaired goodwill.

Answer

                                         debit                        credit

assets acquired               $ 1 500 000              

goodwill                              $6 000 000

cash                                                                    $2 100 000

Explanation:

goodwill is an intangible asset that the company purchases from another company in the price that is higher than their own fair value

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explanation:

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