On May 1, 2014, Falcon Company bought a patent at a cost of $5,400. It is estimated

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On May 1, 2014, Falcon Company bought a patent at a cost of $5,400. It is estimated that the patent will give Falcon a competitive advantage for 9 years. Record in general journal form amortization for 2014 and 2015. (Assume December 31 is the end of the accounting period for Falcon.)
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