The following Information concerns the Intangible assets of EpsteIn Corporation: a. On June 30,2021 , Epstein completed the acquisition of the Johnstone Corporation for $2,540,000 in cash. The falr value of the net Identfiable assets of Johnstone was $2,150,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $94,400. The remaining legal Ife of the patent was 13 years, but Epsteln belleves that the patent will only be useful for another eight years. c. Epstein acquired a franchise on October 1, 2021, by paying an Initlal franchise fee of $236,000. The contractual Iffe of the franchise is 10 years. Required: 1. Prepare year-end adjusting journal entrles to record amortization expense on the Intanglbles at December 31,2021. 2. Prepare the Intangible asset section of the December 31,2021 , balance sheet. Complete this question by entering your answers in the tabs below. Prepare year-end adjusting journal entries to record amortization expense on the intangibles at December 31, 2021. ((Do not round intermediate calculations.). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Note: Enter debits betore credits. Journal entry worksheet 1 Record the amortization of franchise. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the intangible asset section of the December 31, 2021, balance sheet. (Do not round intermediate calculations.)