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ssignment Saved Help Required information (The following information applies to the questions displayed below.) The following information relates to the intangible assets of University Testing Services (UTS): a. On January 1, 2021. UTS completed the purchase of Heinrich Corporation for $3,000,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,700,000. b. Included in the assets purchased from Heinrich was a patent valued at $90,000. 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 eight more years. CUTS acquired a franchise on July 1, 2021, by paying an initial franchise fee of $350,000. The contractual life of the franchise is 10 years. Required: 1. Record amortization expense for the intangible assets at December 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) 6 Required information Part 1 of 2 View transaction list 5 Soints Journal entry worksheet 2 Record amortization on the patent. eBook References Note: Enter debits before credits Transaction Debit Credit b. General Journal Amortization Expenso Patents 11.250 View general Journal Record entry Clear entry MC of 11 !!! 6 Required information et 1 of 2 View transaction list Journal entry worksheet ats Record amortization on the franchise rights. eBook Sferences Note: Enter debits before credits Transaction Debit Credit General Journal Amortization Expense View general Journal Record entry Clear entry 6 7 w