E10-8 - 31-Dec-06 Goodwill 150,000 Cash 150,000(Goodwill...

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Unformatted text preview: 31-Dec-06 Goodwill 150,000 Cash 150,000 (Goodwill has indefinite useful life, it should be recorded at its initial cost, it is not subjected to amortization.) 31-Dec-06 Amortization Expense 8,000 Patent 8,000 ($60,000 / 5 years x 8 /12 = $8,000) (Patents are amortized over its useful life, not to exceed its legal life of 20 years) ...
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This note was uploaded on 09/20/2008 for the course ACC 363 taught by Professor Rossi during the Spring '08 term at University of Phoenix.

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