fix the red please

Problem 7.68 (Algo) Record amortization and prepare the intangible assets section (LO7.5) The following information relates to the intangible assets of Lettuce Express: a. On January 1, 2024, Lettuce Express completed the purchase of Fatmers, Procluse, incorporated, for $1,550,000 in cash. The fair value of the identifiable net assets of Farmers Produce was $1,395,000. b. Included in the assets purchased from Farmers Produce was a patent for a method of processing lettuce valued at $55.000. The original legal ife of the patent was 20 years. There are still 17 years lefto n the patent, but Lettuce Express estimates the patent wil be useful for only 11 more years. c. Lettuce Express acquired a franchise on July 1, 2024, by paying an initial franchise fee of $156,000. The contractual life of the franchise is six 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