Question: help please ! The following information concerns the intangible assets of Epstein Corparation: a. On June 30,2021. Epstein completed the acquisition of the Johnstone Corporation
The following information concerns the intangible assets of Epstein Corparation: a. On June 30,2021. Epstein completed the acquisition of the Johnstone Corporation for $2,240,000 in cash. The fair vilue of the net. identifiable assets of Jahnstone was $1,900,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $97,200. The remaining legat ife of the patent. was 14 years, but Epstein believes that the patent wili only be useful for another nine years. C. Epstein acquired a franchise on October 1, 2021, by poying an inital franchise fee of $237600. The consactuat ife of the franchise is 11 years Required: 1. Prepare year-end adjusting journal enties to record amortization expense on the mitanpibles at December 3t, 2024 2. Prepare the intangible asset section of the December 31,2021 , balance sheet. Complete this question ty entering your answers in the fabs below. Prepare the intampitin ascit section of the December 31, 2021, batance sheet. (Do not raund intermestatr cebiatians)
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