Selected transactions of Global Publishers, Inc., for 2019 are given below:

Jan. 2 Paid \(\$ 170,000\) to purchase copyrights to a series of romantic novels. The copyrights expire in 40 years, although sales of the novels are expected to stop after 10 years.

Mar. 1 Discovered a satellite dish antenna has been destroyed by lightning. The loss is covered by insurance and a claim is filed today. The antenna cost \(\$ 18,360\) when installed on July 1 , 2018 , and was being depreciated over 12 years with a \(\$ 1,800\) salvage value. Straight-line depreciation was last recorded on December 31, 2018. Global expects to receive an insurance settlement of \(\$ 17,000\).

April 1 Paid \(\$ 140,000\) to remodel space to create an employee exercise area on the lower level in a leased building. The building's remaining useful life is 40 years; the lease on the building expires in 12 years.

July 1 Paid \(\$ 540,000\) to acquire a patent on a new publishing process. The patent has a remaining legal life of 15 years. Global estimates the new process will be utilized for 6 years before it becomes obsolete.

Nov. 1 Paid \(\$ 180,000\) to obtain a four-year franchise to sell a new series of computerized do-it-yourself manuals.

Required

a. Prepare journal entries to record these transactions.

b. Prepare the December 31 journal entries to record depreciation and amortization expense for assets acquired during the year. Global uses straight-line depreciation and amortization.