The following information concerns the intangible assets of Epstein Corporation:

1. On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $2,180,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,850,000.
2. Included in the assets purchased from Johnstone was a patent that was valued at $84,800. The remaining legal life of the patent was 13 years, but Epstein believes that the patent will only be useful for another eight years.
3. Epstein acquired a franchise on October 1, 2021, by paying an initial franchise fee of $212,000. The contractual life of the franchise is 10 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.

Required 1 Required 2 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.) View transaction list Journal entry worksheet Record the goodwill amortization. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journal Required 1 Required 2 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.) View transaction list Journal entry worksheet Record the amortization of patent. Note: Enter debits before credits. General Journal Debit Credit Transaction b Record entry Clear entry View general journal Required 1 Required 2 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.) View transaction list Journal entry worksheet Record the amortization of franchise. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Prepare the intangible asset section of the December 31, 2021, balance sheet. (Do not round intermediate calculations.) Partial Balance Sheet December 31, 2021 Intangible assets: Goodwill Patent Franchise Total intangibles