On May 1, 2021, Lakeville Company bought a patent at a cost of $5,040. It is estimated that the patent will give Lakeville a competitive advantage for 4 years. Record in general journal form amortization for 2021 and 2022. (Assume December 31 is the end of the accounting period for Lakeville.) (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 Debit Credit
On May 1, 2021, Lakeville Company bought a patent at a cost of $5,040. It is estimated that the patent will give Lakeville a competitive advantage for 4 years. Record in general journal form amortization for 2021 and 2022. (Assume December 31 is the end of the accounting period for Lakeville.) (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 Debit Credit
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:On May 1, 2021, Lakeville Company bought a patent at a cost of $5,040. It is estimated that the patent will give Lakeville a competitive advantage for 4 years. Record in general journal form amortization
for 2021 and 2022. (Assume December 31 is the end of the accounting period for Lakeville.) (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
Debit
Credit
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