On May 1, 2014, Apricot Company bought a patent at a cost of $5,100. It is estimated

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On May 1, 2014, Apricot Company bought a patent at a cost of $5,100. It is estimated that the patent will give Apricot a competitive advantage for 5 years. Record in general journal form amortization for 2014 and 2015. (Assume December 31 is the end of the accounting period for Apricot.)
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