A) On June 30,2024,baez completed the acquisition of Johnstone corporation for 1,520.000 in cash. The fair value of the net identifiable assets of Johnstone was 1,300.000.(B)Included in the assets purchased from Johnstone was a patent that was valued at 67,200. The remaining legal life of the patent was 13 years but baez believes that the patent will only be useful for another 8 years.(C) baez acquired a franchise on october 1,2024 by paying an initial franchise fee of 168.000. The contractual life of the franchise is 10 years.[1] Prepare year end adjusting journal entries to record straight line amortization expense of the intangibles at december 31,2024.[2]prepare the intangibles asset section of december 31,2024 balance sheet.

The following information concerns the intangible assets of Baez Corporation: a. On June 30, 2024, Baez completed the acquisition of the Johnstone Corporation for $1,520,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,300,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $67,200. The remaining legal life of the patent was 13 years, but Baez believes that the patent will only be useful for another eight years. c. Baez acquired a franchise on October 1, 2024, by paying an initlal franchise fee of $168,000. The contractual life of the franchise is 10 years. Required: 1. Prepare year-end adjusting journal entries to record straight-line amortization expense of the intangibles 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 tab Required: 1. Prepare year-end adjusting journal entries to record straight-line amortization expense of the intangibles 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 tal Prepare the intangible asset section of the December 31,2 Note: Do not round intermediate calculations. Required: 1. Prepare year-end adjusting journal entries to record straight-ine amortization expense of the intangibles at December 31, 2024. 2. Prepare the intangible asset section of the December 34, 2024, balance sheet. Complete this question by entering your answers in the tabs bel Prepare year-end adjusting journal entries to record straight-line at Note: Do not round intermediate calculations. If no entry is require