Acc557 Financial Accounting: E9-12 The following are selected 2014 transactions of Yosuke

Acc557 Financial Accounting

EXERCISE 9-12
The following are selected 2014 transactions of Yosuke Corporation.
Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite.
1-May Purchased for $84,000 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. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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