Journal entry worksheet UTS acquired a franchise on July 1,2024 , by paying an initial franchise fee of $334,000. The contractual life of the franchise is 10 years. Record amortization of the franchise rights. Note: Enter debits before credits. Journal entry worksheet Included in the assets purchased from Heinrich was a patent valued at $90,800. 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. Prepare the intangible asset section of the December 31,2024 , balance sheet. 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 $2,592,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,300,000. b. Included in the assets purchased from Heinrich was a patent valued at $90,800. 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. c. UTS acquired a franchise on July 1,2024 , by paying an initial franchise fee of $334,000. The contractual life of the franchise is 10 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 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 $2,592,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,300,000, Record amortization of goodwill. Note: Enter debita betore credits