The following information concerms the intangible assets of Epstein Corporation a On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $2.600,000 in cash. The fair value of the net identifiable assets of Johnstone was $2.200.000 b. Included in the assets purchased from Johnstone was a patent that was valued at $96,000 The remaining legal life of the patent was 13 years, but Epstein believes that the patent will only be useful for another eight years C Epstein acquired a franchise on October 1, 2021, by paying an initial franchise fee of S264,000. The contractual life of the franchise is 11 years 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 sneet Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare year-end adjusting journal entries to record amortization expense on the intangibies at December 31, 2021.Dio net roond ntermediate calculations) if ne nntry is required for a transacionevent, select "No jouma estiy required in the first account feid. View transactioe ist Journal entry worksheet 2. Record the amortization of patent.