Prepare year$-$end adjusting journal entries to record straight$-$line amortization expense of the intangibles at December $31,2024.$

Prepare the intangible asset section of the December $31,2024,$ balance sheet.

Complete this question by entering your answers in the tabs below.

Required $2$

Prepare the intangible asset section of the December $31,2024,$ balance sheet.

Note: Do not round intermediate calculations.The following information concerns the intangible assets of Baez Corporation:

a$.$ On June $30,2024,$ Baez completed the acquisition of the Johnstone Corporation for $$1,400,000$ in cash. The fair value of the net

identifiable assets of Johnstone was $$1,200,000.$

b$.$ Included in the assets purchased from Johnstone was a patent that was valued at $$56,000.$ The remaining legal life of the patent

was $12$ years, but Baez believes that the patent will only be useful for another seven years.

c$.$ Baez acquired a franchise on October $1,2024,$ by paying an initial franchise fee of $$144,000.$ The contractual life of the franchise

is $9$ years.

Required:

Prepare year$-$end adjusting journal entries to record straight$-$line amortization expense of the intangibles at December $31,2024.$

Prepare the intangible asset section of the December $31,2024,$ balance sheet.

Complete this question by entering your answers in the tabs below.

Prepare year$-$end adjusting journal entries to record straight$-$line amortization expense of the intangibles at December $31,2024.$

Note: Do not round intermediate calculations. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the

first account field.

Journal entry worksheet

Record the goodwill amortization.

Note: Enter debits before credits.