Exercise 11-22 (Algo) IFRS; revaluation of patent; amortization [LO11-10] Saint John Corporation prepares its financial statements according to IFRS. On June 30, 2024, the company purchased a franchise for $1,330,000. The franchise is expected to have a 10-year useful life with no residual value. Saint John uses the straight-line amortization method for all intangible assets. On December 31, 2024, the end of the company's fiscal year, Saint John chooses to rovalue the franchise. There is an active market for this particular franchise and its fair value on December 31, 2024, is $1,310,000. Required: 1. Calculate amonzation for 2024. 2. Prepare the journal entry to record the revaluation of the franchise. 3. Calculate amortization for 2025. Complete this question by entering your answers in the tabs below. Calculate amortization for 2024. Exercise 11-22 (Algo) IFRS; revaluation of patent; amortization [LO11-10] Saint John Corporation prepares its financlal statements according to IFRS, On June 30,2024 , the company purchased a franchise for $1,330,000. The franchise is expected to have a 10 -year useful life with no residual value. Saint John uses the straight-line amortization method for all intangible assets. On December 31, 2024, the end of the company's fiscal year, Saint John chooses to revalue the franchise. There is an active market for this particular franchise and its fair value on December 31, 2024, is $1,310,000. Required: 1. Calculate amortization for 2024 . 2. Prepare the journal entry to record the revaluation of the franchise. 3. Calculate amortization for 2025 . Complete this question by entering your answers in the tabs below. Prepare the journal entry to record the revaluation of the franchise. Note: if no entry is required for a transactionvevent, select "No journal intry required" in the first account field. Journal entry worksheet Record the revaluation of the franchise. Note Enter debitu betore credis. Exercise 11-22 (Algo) IFRS; revaluation of patent; amortization [LO11-10] Saint John Corporation prepares its financial statements according to IFRS, On June 30,2024 , the company purchased a franchise for $1,330,000. The franchise is expected to have a 10 -year useful life with no residual value. Saint John uses the straight-line amortization method for all intangible assets. On December 31, 2024, the end of the company's fiscal year, Saint John chooses to revalue the franchlse. There is an active market for this particular franchise and its fair value on December 31,2024, is $1,310,000. Required: 1. Calculate amortization for 2024 . 2. Prepare the journal entry to record the revaluation of the franchise. 3. Calculate amortization for 2025. Complete this question by entering your answers in the tabs below. Calculate amortization for 2025. Note: Round final answer to the nebrest whole dollat
