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 $280,000. The patent will be commercially exploitable for another seven years. b. 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 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 $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). General Journal Ref. Description Debit Credit a. | Amortization Expense-Patents Patents To record patent amortization. b. : Amortization Expense-Patents 0 Patents To record patent amortization C. Amortization Expense-Franchises Franchises To record franchise amortizatiorn