Problem 7-6A (Algo) Record amortization and prepare the intangible assets section (LO7-5) 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 $3,306,000 in cash. The fair value of the net identifiable assets of Heinrich was $3,000,000. b. Included in the assets purchased from Heinrich was a patent valued at $92,400. The original legal life of the patent was 20 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 $362.000. The contractual life of the franchise is 10 years. Required: 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. Required: 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. Complete this question by entering your answers in the tabs below. Record amortization expense for the intangible assets at December 31, 2024. (If no entry is required for a transaction/event, select Journal Entry Required" in the first account field.) Complete this question by entering your answers in the tabs below. Prepare the intangible asset section of the December 31,2024 , balance sheet