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The following information relates to the intangible assets of University Testing Services (UIS): a. On January 1, 2024, UTS completed the purchase of Heinrich Corporation for $3,510,000 in cash. The fair value of the net identifiable assets of Heinrich was $3,200,000. b. Included in the assets purchased from Heinrich was a patent valued at $82,250. 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 $333,000, The contractual ilfe 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 vour answers in the tabs below. lournal Entiv Required in the first accoont field) Journal entry worksheet Journal Ertry Required" in the first account field:) Journal entry worksheet On January 1, 2024, UTS completed the purchase of Heinerich Corporation for $3,510,000 in cash. The fair value of the net identifable assets of Heinrich was $3,200 oon pecred amortiration of goodwit? Note: Inter debofs before credits: Record amortization expense for the intangible assets at December 31, 2024. (If no entry is required for a transactionvevent, select Journal Entry Required" in the first account field.) Journal entry worksheet Included in the assets purchased from Heinrich was a patent valued at $82,250. The original legal life of the patent was 20 years; there are 12 years remaining, but urs believes the patent will be usefut for only seven more years. Record amortization of the patent. kecord amortization expense for the intangible assets at December 31, 2024. (it no-entry is required for a transaction/event, select "No lournal Entry Required" in the first account field_) Journal entry worksheet 1 UrS acquired a franchise on July 1,2024 , by paying an initial franchise fee of $333,000. The contractual life of the franchise is 9 years. Record amortization of the franchise rights. Note: Enter debns before credits