Consider the following facts for Holland Corporation

January 2020, purchased a franchise from Ajax Industries for $200,000. Franchise agreement is for a period of 10 years.

Hollins also purchased a patent for $50,000 same time as the franchise. Remaining legal life of the patent is 13 years. However, due to expected technological obsolescence, the company estimates that the useful life of the patent is only 6 years.

Hollins uses the straight-line amortization method for all intangible assets. The companys fiscal year-end is December 31.

Prepare the journal entries to record amortization for both assets.