Prepare adjusting entries for amortization?

The following are selected 2010 transactions of Franco Corporation Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. May 1 Purchased for $90,000 a patent with an estimated useful life of 5 years and a legal life of 20 years. Instructions: Prepare... show more The following are selected 2010 transactions of Franco Corporation

Jan.
1
Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite.

May
1
Purchased for $90,000 a patent with an estimated useful life of 5 years and a legal life of 20 years.


Instructions: Prepare necessary adjusting entries at December 31 to record amortization required by the events above.
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