M Home Gradebook Question 5 - Wk 3 - Ap X G Question 3 - Wk 3 - Pr x Watch Marry Me For Fr x + ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_2... [ # Wk 3 - Apply: Summative Assessment [due Day 7] i Saved Help Save & Exit Submit 5 The following information concerns the intangible assets of Epstein Corporation: . On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $1,820,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,550,000. 20 b. Included in the assets purchased from Johnstone was a patent that was valued at $84,600. The remaining legal life of the patent points was 14 years, but Epstein believes that the patent will only be useful for another nine years. c. Epstein acquired a franchise on October 1, 2021, by paying an initial franchise fee of $206,800. The contractual life of the franchise is 11 years. eBook References Required: 1. Prepare year-end adjusting journal entries to record amortization expense on the intangibles at December 31, 2021. 2. Prepare the intangible asset section of the December 31, 2021, balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare year-end adjusting journal entries to record amortization expense on the intangibles at December 31, 2021. ((Do not round intermediate calculations.). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list