Problem $7-6$A $($Algo$)$ Record amortization and prepare the intangible assets section $($LO$7-5)$

The following information relates to the intangible assets of University Testing Services $($UTS$)$:

a$.$ On January $1,2024,$ UTS completed the purchase of Heinrich Corporation for $$2,898,000$ in cash. The fair value of the ne identifiable assets of Heinrich was $$2,600,000.$

b$.$ Included in the assets purchased from Heinrich was a patent valued at $$93,200.$ The original legal life of the patent was $2$ years; there are $12$ years remaining, but UTS believes the patent will be useful for only eight more years.

c$.$ UTS acquired a franchise on July $1,2024,$ by paying an initial franchise fee of $$346,000.$ The contractual life of the franchi years.

Required:

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

Prepare the intangible asset section of the December $31,2024,$ balance sheet.

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