Diana K. company, engaged in the following intangible asset transaction. 1. On march 13, 2023, Diana purchased license rights to all the recordings/composition of N.K. Cole for $14,000,000. The value of the license rights is 7 years. Diana will amortize a full amount for 2023. 2. Diana Learned on 12/29/2024 that the license rights will only have 2 years remaining value given various streaming services are incorporating AI music replications of N.K. Cole integrated win the style of other related artist. Required 1. prepare the journal enteries necesssary for 2023 and 2024. 2.) at what value will the license rights be reported on Dianas balance sheet for December 31, 2024