On January $1,2024,$ Lettuce Express completed the purchase of Farmers Produce, Incorporated, for $$1,560,000$ in cash. The fair value of the identifiable net assets of Farmers Produce was $$1,404,000.$

Included in the assets purchased from Farmers Produce was a patent for a method of processing lettuce valued at $$51,000.$ The original legal life of the patent was $20$ years. There are still $17$ years left on the patent, but LeRequired:

$1.$ Record amortization expense for the intangible assets at December $31,2024.$

$2.$ Prepare the intangible asset section of the December $31,2024,$ balance sheet. by paying an initial franchise fee of $$183,400.$ The contractual life of the franchise is seven years.