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The following information relates to the intangible assets of Lettuce Express a. On January 1, 2018, Lettuce Express completed the purchase of Farmers Produce, Inc.,
The following information relates to the intangible assets of Lettuce Express a. On January 1, 2018, Lettuce Express completed the purchase of Farmers Produce, Inc., for $1,490,000 in cash. The fair value of the identifiable net assets of Farmers Produce was $1,341,000. on the patent but Lettuce Exoress estimetor the patert udil i d for only 11 mo processing lettuce valued at $48.400. The original legal life of the patent was 20 years. There are still 17 years left c. Lettuce Express acquired a franchise on July 1, 2018, by paying an initial franchise fee of $148,800. The contractual life of the franchise is six years. value Required information 1,00 points Required: 1. Record amortization expense for the intangible assets at December 31, 2018. (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 3 1 Record the amortization on goodwill. Note: Enter debits before credits. General Journal Transaction Debit Credit 14. value: 1.00 points 2. Prepare the intangible asset section of the December 31, 2018, balance sheet. LETTUCE EXPRESS Balance Sheet December 31, 2018 (Intangible Assets Section) Intangible Assets Total intangible assets
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