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help please ! The following information concerns the intangible assets of Epstein Corparation: a. On June 30,2021. Epstein completed the acquisition of the Johnstone Corporation
help please ! The following information concerns the intangible assets of Epstein Corparation: a. On June 30,2021. Epstein completed the acquisition of the Johnstone Corporation for $2,240,000 in cash. The fair vilue of the net. identifiable assets of Jahnstone was $1,900,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $97,200. The remaining legat ife of the patent. was 14 years, but Epstein believes that the patent wili only be useful for another nine years. C. Epstein acquired a franchise on October 1, 2021, by poying an inital franchise fee of $237600. The consactuat ife of the franchise is 11 years Required: 1. Prepare year-end adjusting journal enties to record amortization expense on the mitanpibles at December 3t, 2024 2. Prepare the intangible asset section of the December 31,2021 , balance sheet. Complete this question ty entering your answers in the fabs below. Prepare the intampitin ascit section of the December 31, 2021, batance sheet. (Do not raund intermestatr cebiatians)
help please !
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