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 $2,490,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,200,000. b. Included in the assets purchased from Heinrich was a patent valued at $101,250. 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 nine more years. c. UTS acquired a franchise on July 1,2024 , by paying an initial franchise fee of $264,000. The contractual life of the franchise is 8 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. Record amortization expense for the intangible assets at December 31,2024 . (If no entry is required for a tra Journal Entry Required" in the first account field.) Journal entry worksheet On January 1, 2024, UTS completed the purchase of Heinrich Corporation for $2,490,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,200,000. Record amortization of goodwill. Note: Enter debits before credits. 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. Prepare the intangible asset section of the December 31,2024 , balance sheet