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 $3,510,000 in cash. The fair value of the net identifiable assets of Heinrich was $3,200,000.

b. Included in the assets purchased from Heinrich was a patent valued at $82,250. 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 7 more years.

c. UTS acquired a franchise on July 1, 2024, by paying an initial franchise fee of $333,000. The contractual life of the franchise is nine 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.