The following are selected 2019 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.