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 \(\$ 756,000\). The patent will be commercially exploitable for another six years.

b. A patent was acquired on a device designed by a production worker. Although the cost of the patent to date consisted of \(\$ 88,200\) in legal fees for handling the patent application, the patent should be commercially valuable during its entire remaining legal life of 15 years and is currently worth \(\$ 720,000\).

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 \(\$ 72,000\). Satisfactory sales performance over the four years permits renewal of the franchise for another four years (at an additional cost determined at renewal).