Cost and Amortization of Intangible Assets

On January $2,$ Frazier Company purchased a restaurant franchise for $$140,400.$ The terms of the franchise agreement allowed Frazier to have exclusive rights to operate a restaurant under the "Simply Fried" brand name for the next $12$ years.

Required:

Prepare any journal entries related to the franchise that Frazier should make during the year. If an amount box does not require an entry, leave it blank.

Jan. $2$

Dec. $31$

Amortization Expense $$