1. On January 1, 2024, UTS completed the purchase of Heinrich Corporation for $2,541,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,250,000.
2. Included in the assets purchased from Heinrich was a patent valued at $79,100. 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.
3. UTS acquired a franchise on July 1, 2024, by paying an initial franchise fee of $298,800. 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.