The following information concerns the intangible assets of Epstein Corporation: a. On June 30, 2013, Epstein completed the acquisition of the Johnstone Corporation for $1,940,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,650,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $68,600. The remaining legal life of the patent was 12 years, but Epstein believes that the patent will only be useful for another 7 years. c. Epstein acquired a franchise on October 1, 2013, by paying an initial franchise fee of $176,400. The contractual life of the franchise is 9 years. Required: 1. Prepare year-end adjusting journal entries to record amortization expense on the intangibles at December 31, 2013. (In cases where no entry is required, please select the option "No journal entry required" for your answers to grade correctly. Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations.) General Journal Debit Credit To record amortization of goodwill. To record amortization of patent. To record amortization of franchise. 2. Prepare the intangible asset section of the December 31, 2013, balance sheet. (Do not round intermediate calculations.) Balance Sheet December 31, 2013 Intangible assets: Goodwill $ Patent Franchise Total intangibles $