Amortization of Patent

On December 31, it was estimated that goodwill of $750,000 was impaired. In addition, a patent with an estimated useful economic life of 18 years was acquired for $864,000 on August 1.

Journalize the adjusting entry on December 31 for the amortization of the patent rights.

Dec 31 Amortization Expense-Patents??
Patents??


I've tried 28000 ((864000/18) * (7/12)) and 32000 ((864000/18) * (8/12)) and neither one of these answers seem to be correct.

The number of months from Aug 1 to Dec 31 is 5 months, so your fraction will be 5/12. The rest of your calculation is correct.

Your formula is:
$864,000/18 * 5/12