On May 1, 2012, Blue Company bought a patent at a cost of $4,500. It is estimated

Question:

On May 1, 2012, Blue Company bought a patent at a cost of $4,500. It is estimated that the patent will give Blue a competitive advantage for five years. Record in general journal form amortization for 2012 and 2013.
(Assume December 31 is the end of the accounting period for Blue.)