For each of the following unrelated situations, calculate the annual amortization expense...
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Accounting
For each of the following unrelated situations, calculate the annual amortization expense and prepare a journal entry to record the expense:
A patent with a year remaining legal life was purchased for $ The patent will be commercially exploitable for another seven years.
A patent was acquired on a device designed by a production worker. Although the cost of the patent to date consisted of $ in legal fees for handling the patent application, the patent should be commercially valuable during its entire remaining legal life of years and is currently worth $
A franchise granting exclusive distribution rights for a new solar water heater within a threestate area for five years was obtained at a cost of $ Satisfactory sales performance over the five years permits renewal of the franchise for another four years at an additional cost determined at renewal
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