Using the following unrelated situations. A. A patent with a 10-year remaining legal life was purchased for $312,000. 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 $28,500, but the market value of the patent is $500,000. The company expects to be able to use this patent for all 15 years of its life, Calculate the annual amortization expense. A. B. Prepare a journal entry to record the expense. If an amount box does not require an entry, leave it blank. . B