Requirement 1: record the goodwill amortization, record amortization of patent, record amortization of franchise. Requirement 2; prepare the intangible asset section of balance sheet. Has Goodwill, Patent and Franchise on balance sheets as intangible assets. Need amount of each one and total intangibles

7 The following Information concerns the Intangible assets of Epstein Corporation: 14.32 a. On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $2,240,000 in cash. The fair value of the net points Identifiable assets of Johnstone was $1,900,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $97,200. The remaining legal life of the patent Skipped was 14 years, but Epstein believes that the patent will only be useful for another nine years. C. Epstein acquired a franchise on October 1, 2021, by paying an Initial franchise fee of $237,600. The contractual life of the franchise Is 11 years. Book Required: 1. Prepare year-end adjusting journal entries to record amortization expense on the Intangibles at December 31, 2021. 2. Prepare the Intangible asset section of the December 31, 2021, balance sheet. Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Prepare year-end adjusting journal entries to record amortization expense on the intangibles at December 31, 2021. ((Do not round intermediate calculations.). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 Record the goodwill amortization. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 >