The following information concerns the intangible assets of Baez Corporation: a. On June 30, 2024, Baez completed the acquisition of the Johnstone Corporation for $2,060,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,750,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $91,800. The remaining legal life of the patent was 14 years, but Baez believes that the patent will only be useful for another nine years. c. Baez acquired a franchise on October 1, 2024, by paying an initial franchise fee of $224,400. The contractual life of the franchise is 11 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. 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 Journal entry worksheet 1 2 3 Record the goodwill amortization. Note: Enter debits before credits. Transaction a General Journal Debit Credit View general journal Record entry Clear entry > Journal entry worksheet < 1 2 3 Record the amortization of patent. Note: Enter debits before credits. Transaction b General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 Record the amortization of franchise. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Prepare the intangible asset section of the December 31, 2024, balance sheet. Note: Do not round intermediate calculations. Partial Balance Sheet December 31, 2024 Intangible assets: Goodwill Patent Franchise Total intangibles $ 0 Required 1 Required 2