The following Information concerns the intangible assets of Epstein Corporation: a. On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $2.420,000 in cash. The fair value of the net identifiable assets of Johnstone was $2,050,000 b. Included in the assets purchased from Johnstone was a patent that was valued at $91,200. The remaining legal life of the patent was 13 years, but Epstein believes that the patent will only be useful for another eight years. c. Epstein acquired a franchise on October 1, 2021. by paying an initial franchise fee of $250.800. The contractual life of the franchise Is 11 years. Required: 1. Prepare year-end adjusting journal entries to record amortization expense on the intangibles at December 31, 2021 2. Prepare the intangible asset section of the December 31, 2021. balance sheet