The following information concerns the intangible assets of Baez Corporation:

On June $30,2024,$ Baez completed the acquisition of the Johnstone Corporation for $$1,940,000$ in cash. The fair value of the net identifiable assets of Johnstone was $$1,650,000.$

Included in the assets purchased from Johnstone was a patent that was valued at $$68,600.$ The remaining legal life of the patent was $12$ years, but Baez believes that the patent will only be useful for another seven years.

Baez acquired a franchise on October $1,2024,$ by paying an initial franchise fee of $$176,400.$ The contractual life of the franchise is $9$ years.

Required:

Prepare year$-$end adjusting journal entries to record straight$-$line amortization expense of the intangibles at December $31,2024.$

Prepare the intangible asset section of the December $31,2024,$ balance sheet.