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The following information relates to the intangible assets of University Testing Services (UTS): a. On January 1, 2024, UTS completed the purchase of Heinrich Corporation for $2,694,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,400,000. b. Included in the assets purchased from Heinrich was a patent valued at $80,150. 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 seven more years. c. UTS acquired a franchise on July 1,2024, by paying an initial franchise fee of $304,200. The contractual life of the franchise is 9 years. Required: 1. Record amortization expense for the intangible assets at December 31, 2024. . 2. Prepare the intangible asset section of the December 31,2024 , balance sheet. Complete this question by entering your answers in the tabs below. Record amortization expense for the intanglbie assets at December 31, 2024. (If no entry is required for a transactin/event, select "No Journal Entry Required" in the first account field.) Record amortization expense for the intangible assets at December 31, 2024. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Journal entry worksheet On January 1, 2024, UTS completed the purchase of Heinrich Corporation for $2,694,000 in cash. The fair value of the net identiflable assets of Heinrich was $2,400,000. Record amortization of goodwili. Note: Enter debits before credits. Record amortization expense for the intangible assets at December 31,2024 . (If no entry is required for a transaction/e Journal Entry Required" in the first account field.) Journal entry worksheet Included in the assets purchased from Heinrich was a patent valued at $80,150. 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 seven more years. Record amortization of the patent. Note: Enter debits before credits. Journal entry worksheet UTS acquired a franchise on July 1,2024 , by paying an initial franchise fee of $304,200. The contractual life of the franchise is 9 years. Record amortization of the franchise rights. Note: Enter debits before credits. Required: 1. Record amortization expense for the intangible assets at December 31, 2024. 2. Prepare the intangible asset section of the December 31,2024 , balance sheet. Complete this question by entering your answers in the tabs below. Prepare the intangible asset section of the December 31,2024 , balance sheet