Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate co 9 The following information concerns the intangible assets of Epstein Corporation: a. On June 30, 2018, Epstein completed the acquisition of the Johnstone Corporation for $1,880,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,600,000. was 13 years, but Epstein believes that the patent will only be useful for another eight years. is 10 years. oints b. Included in the assets purchased from Johnstone was a patent that was valued at $76.800. The remaining legal life of the patent C. Epstein acquired a franchise on October 1, 2018, by paying an initial franchise fee of $192,000. The contractual life of the franchise Required: 1. Prepare year-end adjusting journal entries to record amortization expense on the intangibles at December 31, 2018. 2. Prepare the intangible asset section of the December 31, 2018, balance sheet Answer is not complete Complete this question by entering your answers in the tabs below Required 1 Required 2 epare year-end adjusting journal entries to record amortization expense on the intangibles at December 31, 2018. (ir no select "No journal entry requiredt in the first account fleld.) No Amortization expense 56,000 Goodwil 58,000 3 Required 2 Sccto e Ok ou nave completed so Tal. t does not indicate 9 a. On June 30, 2018, Epstein completed the acquisition of the Johnstone Corporation for $1,880,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,600,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $76,800. The remaining legal life of the patent was 13 years, but Epstein believes that the patent will only be useful for another eight years. c. Epstein acquired a franchise on October 1, 2018, by paying an initial franchise fee of $192,000. The contractual life of the franchise is 10 years. oints Required 1. Prepare year-end adjusting journal entries to record amortization expense on the intangibles at December 31, 2018. 2. Prepare the intangible asset section of the December 31, 2018, balance sheet Answer is not complete. Complete this question by entering your answers in the tabs below Required 1 Required 2 Prepare the intangible asset section of the December. 31, 2018, balance.sheet. Do.not.round intermediate calculations. Partial Balance Sheet December 31, 2018 Goodw Patent Franchise 224,000 67,200 172,800 464,000 Total