The following information concerns the intanghle assets of Baez Corporation: het identifable assets of Johnstone was $2150,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $94,400. The remaining legal life of the patent was 13 years, but Bacz believes that the patent will only be uselul for another eight years. c. Batez acquired a franchise on Octobet 1,2024 tw paying an initial franchise fee of $236000 The contractuat ufe of the franchice is 10 years Required: 1. Preoare year-end adjusting journal entries to record straight line amortuation expense of the intang bles at December 31.2024 2. Prepore the intangibie asset section of the December 31,2024 , balance sheet Complete this question by entering your answers in the tabs below. Prepare year-end adjusting journal entries to record straight- Ene amortization expense of the intang tiles at December 31,2024. rirst iccount field. Prepare year-end adjusting journal entries to record straight-line amortization expense of the intanglbies at December 31, 2024. Note: 00 not round intermediate calculations. If no entry is required for a transaction/evont, select "Wo fournal entry rapuired" in-the first account fied. Journal entry worksheet Record the goodwill amortization. Note: Enter debits before credits. Prepare year-end adjusting journal entries to record straight-line amortization expense of the intangibles at December 31 , 2024. Note: Do not round intermediate calculations. If no entry is required for 7 transwetion/erent, select "Fio fournat entry requifred" in the Hist account field. Journal entry worksheet Prepare year-end adiusting journal entries to record straight-line amortization expense of the intangibles at December 31,2024. Note: Do not round intermediate calculations, it no entry is required for a transaction/event, select "No foumal entry required" in the ,Journal entry worksheet 1. The following information concerns the intangible arsets of Baez Corporation- a. On June 30,2024 , Baez completed the acquisition of the Johnstone Corporation for $2,540,000 in cash. The fair value of the net identifiable assets of Johnstone was $2,150,000. b. Included in the assets putchased from Johnstone was a patent that was valued at $94,400. The remaining legal life of the patent was 13 years, but 8 acz belteves that the patent will only be useful for another eight years c. Bacz acquired a franchise on October 1,2024 , by paying an intal franchise fee of $236,000. The controctual ife of the franchise is 10 years Reduired: 1. Prepare yeat-end adjusting journal entries to record straight-line arnortization expense of the intangbles at December 34,2024. 2. Prepare the intangible asset section of the December 31,2024 , balance sheet. Complete this question by entering your answers in the tabs below. Prepare the intangible asset section of the December 31, 2024, talance sheit. Notes Do not round intermediate calculations
