The following informstion releter to the intangble assets of Univensity Tessing Services (UTS) a. On Januaty 1, 2024, UTS completed the purchese of Heinrich Corporation for $3,459,000 in cesh. The fair value of the net idectifable assets of Heinrich was $33150,000 b. Included in the assets purchased from Heincich was a patent valved at $93,600. The orighal legal life of the patent was 20 years, there se 12 years remaining, but UTS belteves the patent will be useful for only elght mole years. c. UTS acquired a franchise on July 1.2024 , by poying an initist franchise fee of $368.000. The contractual ide of the franchise is 10 years. Bequired: 1. fecord the yeat-end adjusting entry for amoniation expense, if any, for the intangble assets at December 31202.4. 2. Prepere the intargatle asset section of the December 34,2024 , balunce sheet Complete this questien by entering your ancwars in the tabs belew: Journal entry worksheet identifiable issets of rieinrich wis 13,150000. Required: 2. Phebern the intarotile escet section of the December 31/2024, betance shert. Cemplets vis quentish by entering veier snemers is the tabs beluw. The foltowing information telates to the intangible assets of Univensity Testing Services (UTS) a. On Jenuary 1,2024, UTS completed the purchase of Heinich Cerporaton for 53,459,000 in cash. The toe value of the net identhable assets or Heimch was $3350,000. b. Included in the assets purchased from Heinnich was s poten valued at $93600. The origina legal life of the patert was 20 c. Ut5 aceulred a franchise on July 1,2024 , by paying an initial franchise fee of $368,000 The contriktual ife of the banchise is 10 yeirs. Aequired: 1. Alecors the year-end adjuting entry for amortiation experse. If any, for the intargable assets at Decermber 312024. 2. Prepere the intangbie asset sectoon of the Decamber 31, 2024, bisace sheet. Complete this quentien by sentering your answhrs in the tabe beiow. Journal entry worksheet UTS schulad a Nanchoe on Jaly, 1, 2024, by pericy in witial tranchase fee inoniriben af the franchise rights. The following informabon rebates to the intangatle assets of Universty Testing Services (UTS): n. On Jaruary 1,2024, UTS completed the purchase of Heinnch Corporation for $3,459,000 in cash. The fair value of the net ident:fiable assets of Heinnch was $3,50000. b. included in the assets purchased fiom Heinrich was a patent valued at $93,600. The original legal life of the patent was 20 yeors, there are 12 years romaning, but UTS believos the patent will be vseful for only eight more yeass. c UTS aceuired a franchise on July 12024 , by poying an intial franchise fee of $368,000. The contractual ule of the franchise is 10 yoars. Pequiled: 1. Record the year end adjusting entry loc amortuation expense, if any, for the intangible assets at Decomber 34,2024 2. Propas o the intangble asset section of the Decembet 31,2024 , belance sheet. Complets this question by extering your answers in the tabe below. Record ariontisacion eupense for the intang ble mets at Dectmber 31, 2024 Journal entry worksheet 193,600. The originel logal he of the patent was 20 years, there are 12
