Journal entry worksheet On January 1, 2024, UTS completed the purchase of Heinrich Corporation for $3,000,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,700,000. Record amortization of goodwill. Note: Enter debits before credits. Included in the assets purchased from Heinrich was a patent valued at $90,000. 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 eight 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 $350,000. The contractual life of the franchise is 10 years. Record amortization of the franchise rights. Note: Enter debits before credits