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

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Accounting

For each of the following unrelated situations, calculate the annual amortization expense and prepare a journal entry to record the expense:
A patent with a 15-year remaining legal life was purchased for $280,000. The patent will be commercially exploitable for another seven years.
A patent was acquired on a device designed by a production worker. Although the cost of the patent to date consisted of $44,100 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 $378,000.
A franchise granting exclusive distribution rights for a new solar water heater within a three-state area for five years was obtained at a cost of $63,000. Satisfactory sales performance over the five years permits renewal of the franchise for another four years (at an additional cost determined at renewal).

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