Using the following unrelated situations A. A patent with a 10-year remaining legal life was purchased for $320,000. The patent will be usable for another 8 years. B. A patent was acquired on a new smartphone. The cost of the patent itself was only $22,400, but the market value of the patent is $600,000. The company expectat be able to use this patent for all 16 years of its life. Calculate the annual amortization expense. A. 3 Prepare a journal entry to record the expense. If an amount box does not require an entry, leave it blank