The following information concerns the intangible assets of Baez Corporation: a. On June 30, 2024, Baez completed the acquisition of the Johnstone Corporation for $1,400,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,200,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $56,000. The remaining legal life of the patent was 12 years, but Baez believes that the patent will only be useful for another seven years. c. Baez acquired a franchise on October 1, 2024, by paying an initial franchise fee of $144,000. The contractual life of the franchise is 9 years. Required: 1. Prepare year-end adjusting journal entries to record straight-line amortization expense of the intangibles at December 31, 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. Required 1 Required 2 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 a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Transaction General Journal 1 a Amortization expense Accumulated depreciation < Required 1 Required 2 > Debit Credit