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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 24E

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