The following information concerns the intangible assets of Baez Corporation: a. On June 30, 2024, Baez completed the acquisition of the Johnstone Corporation for $1,460,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,250,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $73,800. 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 $180,400. 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. Complete this question by entering your answers in the tabs below. 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. The following information concerns the intangible assets of Baez Corporation: a. On June 30, 2024, Baez completed the acquisition of the Johnstone Corporation for $1,460,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,250,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $73,800. 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 $180,400. 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. Complete this question by entering your answers in the tabs below. Prepare the intangible asset section of the December 31, 2024, balance sheet. Note: Do not round intermediate calculations