Required Information Problem 7-6B Record amortization and prepare the intangible assets section (L07-5) [The following information applies to the questions displayed below) The following Information relates to the intangible assets of Lettuce Express: 1. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produce, Inc., for $1,420,000 in cash. The fair value of the identifiable net assets of Farmers Produce was $1,278,000. b. Included in the assets purchased from Farmers Produce was a patent for a method of processing lettuce valued at $37,000. The original legal life of the patent was 20 years. There are still17 years left on the patent, but Lettuce Express estimates the patent will be useful for only 10 more years. c. Lettuce Express acquired a franchise on July 1, 2021, by paying an initial franchise fee of $163,800. The contractual life of the franchise is seven years. Problem 7-6B Part 1 Required: 1. Record amortization expense for the intangible assets at December 31, 2021. Of no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction fist Vin journal entry worksheet No Dobit Credit E Required information VR ra 2 Journal entry worksheet Record the amortization on goodwill Book Tramon O Goner om No Soumal Entry Required aces Record entry Clear entry View general Journal 7 S F B N N