Saint John Corporation prepares its financial statements according to IFRS. On June 30, 2021, the company purchased a franchise for $1,240,000. The franchise is expected to have a 10-year useful life with no residual value. Saint John uses the straight-line amortization method for all intangible assets. On December 31, 2021, the end of the companys fiscal year, Saint John chooses to revalue the franchise. There is an active market for this particular franchise and its fair value on December 31, 2021, is $1,220,000.

Saint John Corporation prepares its financial statements according to IFRS. On June 30, 2021, the company purchased a franchise for $1,240,000. The franchise is expected to have a 10-year useful life with no residual value. Saint John uses the straight-line amortization method for all intangible assets. On December 31, 2021, the end of the company's fiscal year, Saint John chooses to revalue the franchise. There is an active market for this particular franchise and its fair value on December 31, 2021, is $1,220,000. Required: 1. Calculate amortization for 2021. 2. Prepare the journal entry to record the revaluation of the franchise. 3. Calculate amortization for 2022. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate amortization for 2021. Amortization Required 1 Required 2 Required 3 Prepare the journal entry to record the revaluation of the franchise. (If no entry is required for entry required" in the first account field.) View transaction list Journal entry worksheet