On May 1, 2012, Lakeville Company bought a patent at a cost of $8,400. It is estimated

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On May 1, 2012, Lakeville Company bought a patent at a cost of $8,400. It is estimated that the patent will give Lakeville a competitive advantage for 10 years. Record in general journal form amortization for 2012 and 2013.
(Assume December 31 is the end of the accounting period for Lakeville.)

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