Required information [The following information applies to the questions displayed below.) The following information relates to the intangible assets of University Testing Services (UTS): a. On January 1, 2021, UTS completed the purchase of Heinrich Corporation for $2,949,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,650,000. b. Included in the assets purchased from Heinrich was a patent valued at $105,300. 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 nine more years. c. UTS acquired a franchise on July 1, 2021, by paying an initial franchise fee of $278,400. The contractual life of the franchise is 8 years. 2. Prepare the intangible asset section of the December 31, 2021, balance sheet. Answer is not complete. UNIVERSITY TESTING SERVICES Balance Shoot December 31, 2021 (Intangible Assets Section) Intangible Assets Goodwill $ 299,000 Patents 11,700 Franchises Total intangible assets $ 310.700