Saved ok t ces Problem 7-6B (Algo) Record amortization and prepare the intangible assets section (LO7-5) The following information relates to the intangible assets of Lettuce Express: a. On January 1, 2024, Lettuce Express completed the purchase of Farmers Produce, Incorporated, for $1,470,000 in cash. The fair value of the identifiable net assets of Farmers Produce was $1,323,000. b. Included in the assets purchased from Farmers Produce was a patent for a method of processing lettuce valued at $37,800. The original legal life of the patent was 20 years. There are still 17 years left on the patent, but Lettuce Express estimates the patent will be useful for only 9 more years. c. Lettuce Express acquired a franchise on July 1, 2024, by paying an initial franchise fee of $195,200. The contractual life of the franchise is eight years. Required: 1. Record amortization expense for the intangible assets at December 31, 2024. 2. Prepare the intangible asset section of the December 31, 2024, balance sheet. Help Sav