Prepare adjusting entries for amortization.
Please help with the following 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.© SolutionLibrary Inc. solutionlibary.com 9836dcf9d7 https://solutionlibrary.com/business/finance/prepare-adjusting-entries-for-amortization-3cfg