The following information concerns the intangible assets of Baez Corporation:On June $30,2024,$ Baez completed the acquisition of the Johnstone Corporation for $$2,000,000$ in cash. The fair value of the net identifiable assets of Johnstone was $$1,700,000.$Included in the assets purchased from Johnstone was a patent that was valued at $$80,000.$ The remaining legal life of the patent was $13$ years, but Baez believes that the patent will only be useful for another eight years.Baez acquired a franchise on October $1,2024,$ by paying an initial franchise fee of $$200,000.$ The contractual life of the franchise is $10$ years. Record the goodwill amortization, amortization of a patent and then a franchise. Prepare the intangible asset section of the December $31,2024,$ balance sheet.