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Exxon Mobil Corporation purchased a patent for $400,000 cash. The patent has a remaining legal life of 20 years. Calculate the annual amortization expense for

ยท Exxon Mobil Corporation purchased a patent for $400,000 cash. The patent has a remaining legal life of 20 years. Calculate the annual amortization expense for the patent using the double-declining balance method. If Exxon Mobil Corporation sells the patent after 15 years for $100,000 cash, record the journal entry to recognize the sale and determine the gain or loss on disposal.

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