PA9. 11.4 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 ten-year remaining legal life was purchased for $300,000. The patent will be usable for another eight years.

B. A patent was acquired on a new smartphone. The cost of the patent itself was only $24,000, but the market value of the patent is $600,000. The company expects to be able to use this patent for all twenty years of its life.