ook rint rences 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 $3,051,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,750,000. b. 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 belleves 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 $316,800. The contractual life of the franchise is 9 years.