The following information relates to intangible assets of University Testing Services

The following information relates to the intangible assets of University Testing Services (UTS) a. On January 1, 2021, UTS completed the purchase of Heinrich Corporation for $2,541,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,250,000 b. Included in the assets purchased from Heinrich was a patent valued at $79,100. The original legal life of the patent was 20 years, there are 12 years remaining, but UTS believes the patent will be useful for only seven more years. c. UTS acquired a franchise on July 1, 2021, by paying an initial franchise fee of $298,800. The contractual life of the franchise is 9 years. 1 2 3 Record the amortization on goodwill. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general joul View transaction list Journal entry worksheet 3 3. Record amortization on the patent. Note: Enter debits before credits. Debit General Journal Credit Transaction b. View general journal Record entry Clear entry Journal entry worksheet