Menu KK HERE TO REVEWLEARNING OECTVES QUESTION 9 Incomplete answer Marked out of 18.00 Rgquestion 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 $708,000. The patent will be commercially exploitable for another eight years. b. A patent was acquired on a device designed by a production worker. Although the cost of the patent to date consisted of $111,780 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 $70,000. Satisfactory sales performance over the four years permits renewal of the franchise for another four years (at an additional cost determined at renewal). General Journal Debit Credit To record patent amortization 20 FS F7 FR F9 FVO General Journal Ref. Description Debit Credit To record patent amortization. b. To record patent amortization To record franchise amortization. Please answer all parts of the question. Save Answers Previous page 31 MacBook Ai