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On May 1, 2021, Becky Company bought a patent at a cost of $5,220. It is estimated that the patent will give Becky a competitive advantage for 15 years. Record in general journal form amortization for 2021 and 2022. (Assume December 31 is the end of the accounting period for Becky.) (Record debits first, then credits. Exclude explanations from journal entries. Do not round intermediary calculations. Only round the final answer to the nearest dollar.) Record in general journal form amortization for 2021. Date Dec. 31, 2021 Account Titles Amortization Expense, Patents Patents Debit Credit 162.40 162.40

On May 1, 2021, Becky Company bought a patent at a cost of $5,220. It is estimated that the patent will give Becky a competitive advantage for 15 years. Record in general journal form amortization for 2021 and 2022. (Assume December 31 is the end of the accounting period for Becky.) (Record debits first, then credits. Exclude explanations from journal entries. Do not round intermediary calculations. Only round the final answer to the nearest dollar.) Record in general journal form amortization for 2021. Date Dec. 31, 2021 Account Titles Amortization Expense, Patents Patents Debit Credit 162.40 162.40

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On May 1, 2021, Becky Company bought a patent at a cost of $5,220. It is estimated that the patent will give Becky a competitive advantage for 15 years. Record in general journal form amortization for 2021 and 2022. (Assume December 31 is the end of the accounting period for Becky.) (Record debits first, then credits. Exclude explanations from journal entries. Do not round intermediary calculations. Only round the final answer to the nearest dollar.) Record in general journal form amortization for 2021. Date Dec. 31, 2021 Account Titles Amortization Expense, Patents Patents Debit Credit 162.40 162.40
Transcribed Image Text:On May 1, 2021, Becky Company bought a patent at a cost of $5,220. It is estimated that the patent will give Becky a competitive advantage for 15 years. Record in general journal form amortization for 2021 and 2022. (Assume December 31 is the end of the accounting period for Becky.) (Record debits first, then credits. Exclude explanations from journal entries. Do not round intermediary calculations. Only round the final answer to the nearest dollar.) Record in general journal form amortization for 2021. Date Dec. 31, 2021 Account Titles Amortization Expense, Patents Patents Debit Credit 162.40 162.40
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