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In: AccountingThe following information relates to the intangible assets ofUniversity Testing Services (UTS): a. On January...The following information relates to the intangible assets ofUniversity Testing Services (UTS): a. On January 1, 2018, UTScompleted the purchase of Heinrich Corporation for $3,510,000 incash. The fair value of the net identifiable assets of Heinrich was$3,200,000. b. Included in the assets purchased from Heinrich was apatent valued at $82,250. The original legal life of the patent was20 years; there are 12 years remaining, but UTS believes the patentwill be useful for only seven more years. c. UTS acquired afranchise on July 1, 2018, by paying an initial franchise fee of$333,000. The contractual life of the franchise is 9 years. 1.Record amortization expense for the intangible assets at December31, 2018. 2. Prepare the intangible asset section of the December31, 2018, balance sheet.