Intangible Long-Term Assets 1. Using the straight-line method, calculate the amortization of the patent, copyright, and Franchise. 2. Prepare general journal entries to record the end-of-year amortizations. If an amount box does not require an entry, leave it blank. Track Town co, had the following transactions involving intangible assets: Jan. 1 Purchased a patent for leather soles for $6,720 and estimated its useful life to be 8 years. Apr. 1 July 1 Signed a 6-year franchise agreement and opened a Starting Line high tech running shoe store. Paid $55,560 to the franchisor Ac Purchased a copyight for a design for $13.200 with ia life left on the copyright of 22 years. The estimated remaining (economic) life of the copyright is six years