The following are selected 2015 transactions of Pedigo Corporation.
| Jan. 1 | Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. |
| May 1 | Purchased for $75,000 a patent with an estimated useful life of 5 years and a legal life of 20 years. |
Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (If no entry is required, select “No entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
| Date | Account Titles and Explanation | Debit | Credit |
| Dec. 31 | |||
| (To record goodwill amortisation.) | |||
| Dec. 31 | |||
| (To record patent amortisation.) |
