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 10 -year remaining legal life was purchased for \(\$ 350,000\). 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 \(\$ 52,300\) in legal fees for handling the patent application, the patent should be commercially valuable during its entire remaining legal life of 10 years and is currently worth \(\$ 400,000\).

c. 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 \(\$ 70,000\). Satisfactory sales performance over the five years permits renewal of the franchise for another three years (at an additional cost determined at renewal).