Answer:
A. Dr Amortization expense $43,750
Cr Patents $43,750
B. Dr Amortization expense $5,230
Cr Patents $5,230
C. Dr Amortization expense $14,000
Cr Franchises $14,000
Explanation:
Journal entry preparations
A. Dr Amortization expense $43,750
($350,000÷8 years = $43,750)
Cr Patents $43,750
(Recording amortization for the patent)
B. Dr Amortization expense $5,230
($52,300÷10 years = $5,230)
Cr Patents $5,230
(Recording amortization for the patent)
C. Dr Amortization expense $14,000
($70,000÷5 years = $14,000)
Cr Franchises $14,000
(Recording amortization for franchises)