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Amortization Expense For each of the following unrelated situations, calculate the annual amortization expense...

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Accounting

Amortization Expense
For each of the following unrelated situations, calculate the annual amortization expense and prepare a journal entry to record the expense:
a. A patent with a 15-year remaining legal life was purchased for $670,600. The patent will be commercially exploitable for another seven years.
b. A patent was acquired on a device designed by a production worker. Although the cost of the patent to date consisted of $141,840 in legal fees for handling the patent application, the patent should be commercially valuable during its entire remaining legal life of 18 years and is currently worth $900,000.
c. A franchise granting exclusive distribution rights for a new wind turbine within a three-state area for four years was obtained at a cost of $83,200. Satisfactory sales performance over the four years permits renewal of the franchise for another four years (at an additional cost determined at renewal).
\table[[General Journal],[Ref.,Description,Debit,Gredit],[a.,hat(),,],[,hat(),,],[,To record patent amortization.,,],[b.,hat(),,],[,,,],[,To record patent amortization.,,],[c.,hat(),,],[,hat(),,],[6,To record franchise amortization.,,]]
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