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The following information relates to the intangible assets of University Testing Services (UTS): a. On January 1, 2024, UTS completed the purchase of Heinrich Corporation for $3,051,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,750,000 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 belleves the patent will be useful for only seven more years. c. UTS acquired a franchise on July 1,2024 , by paying an initial franchise fee of $316,800. The contractual life of the franchise is 9 years. Required: 1. Record amortization expense for the intangible assets at December 31,2024. 2. Prepare the intangible asset section of the December 31,2024 , balance sheet Record amortization expense for the intangible assets at December 31,2024 . (If no entry is required for a transaction) select "No Journal Entry Required" in the first account field.) UNIVERSITY TESTING SERVICES Balance Sheet December 31, 2024 (Intangible Assets Section) Intangible Assets Goodwill Patents Franchises Total intangible assets $611,500 Journal entry worksheet On January 1, 2024, UTS completed the purchase of Heinrich Corporation for $3,051,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,750,000. Record amortization of goodwill. Note: Enter debits before credits