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    Financial and Managerial Accounting Study Set 4
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    Exam 9: Fixed Assets and Intangible Assets
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    On December 31 It Was Estimated That Goodwill of $65,000
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On December 31 It Was Estimated That Goodwill of $65,000

Question 53

Question 53

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On December 31 it was estimated that goodwill of $65,000 was impaired. In addition, a patent with an estimated useful economic life of 10 years was acquired for $60,000 on July 1.
On December 31 it was estimated that goodwill of $65,000 was impaired. In addition, a patent with an estimated useful economic life of 10 years was acquired for $60,000 on July 1.

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