Macroeconomics is a. the study of how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices. b. the study of "large" (greater than $100,000) economic transactions in the economy. c. the study of firms as a group with special emphasis on how these firms interact with one another. d. the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth.

Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by bridgeport corporation. 1. bridgeport developed a new manufacturing process, incurring research and development costs of $195,600. the company also purchased a patent for $45,200. in early january, bridgeport capitalized $240,800 as the cost of the patents. patent amortization expense of $12,040 was recorded based on a 20-year useful life. 2. on july 1, 2017, bridgeport purchased a small company and as a result recorded goodwill of $52,000. bridgeport recorded a half-year’s amortization in 2017, based on a 20-year life ($1,300 amortization). the goodwill has an indefinite life. prepare all journal entries necessary to correct any errors made during 2017. assume the books have not yet been closed for 2017.