Business, 02.04.2021 02:00 felisha1234

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 15-year remaining legal life was purchased for $315,000. The patent will be commercially exploitable for another nine years. A patent was acquired on a device designed by a production worker. Although the cost of the patent to date consisted of $46,800 in legal fees for handling the patent application, the patent should be commercially valuable during its entire remaining legal life of 18 years and is currently worth $378,000. A franchise granting exclusive distribution rights for a new solar water heater within a three-state area for four years was obtained at a cost of $72,000. Satisfactory sales performance over the four years permits renewal of the franchise for another four years (at an additional cost determined at renewal).

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For each of the following unrelated situations, calculate the annual amortization expense and prepar...

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