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Journal entry worksheet UTS acquired a franchise on July 1, 2024, by paying an initial franchise fee of $288,000. The contractual life of the franchise is 8 years. Record amortization of the franchise rights. Note: Enter debits before credits. The following information relates to the intanglble assets of University Testing Services (UIS): an January 1,2024, UTS completed the purchase of Heinrich Corporation for $3.255.000 in cash The fair value of the net identifiable assets of Heinrich was $2,950,000. b. Included in the assets purchased from Heinich was a patent valued at 5103,500 The original legal ife of the patent was 20 years, there are 12 years remaining, but UTS belleves the patent will be useful for only nine more years. c. UTS acquired a franchise on July 1,2024 , by paying an initial franchise fee of $288,000. The contractual life of the franchise is, 8 years Required: 1. Record amortization expense for the intangble assets at December 31, 2024 2. Prepare the intangible asset section of the December 31,2024 , balance sheet Complete this question by entering your answers in the tabs below. Prepare the intangible asset section of the December 31,2024 , balance sheet. Journal entry worksheet Included in the assets purchased from Heinrich was a patent valued at $103,500. The original legal life of the patent was 20 years; there are 12 years remaining, but UTS believes the patent will be useful for only nine more years. Record amortization of the patent. Note: Enter debits before credits. The following information relates to the intangible assets of University Testing Services (UIS): a. On January 1, 2024, UTS completed the purchase of Heinrich Corporation for $3,255,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,950,000 b Included in the assets purchased from Heirrich was a patent valued at $103,500 The original legal life of the patent was 20 years, there are 12 years remaining, but UIS believes the patent will be useful for only nine more years: c UTS acquired a franchise on July 1,2024 , by paying an initial franchise fee of $288,000. The contractual life of the franchise is 8 years Required: 1. Record amortization expense for the intangible assets at December 31, 2024 2. Prepare the intangible asset section of the December 3t, 2024, balance sheet: Complete this question ty entering your answers in the tabs below. Record amortization expense for the intangibie assets at December 31, 2024. (If no entry is required for a transaction/event, seloct "Wo Joumal Entry Required" in the first account ficid.) Journal entry worksheet On lanuary 1, 2024, UTS completed the purchase of Heinrich Corporation for $3,255,000 in cash. The fali value of the net identifiable assets of Heinrich was. $2,950,000. Record amortization of goodwill. Nate: Enter debits before credits

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