Problem 7-6B Record amortization and prepare the intangible assets section (LO7-5)

[The following information applies to the questions displayed below.]

Required information Problem 7-6B Record amortization and prepare the intangible assets section (L07-5) [The following information applies to the questions displayed below.] The following information relates to the intangible assets of Lettuce Express: 0. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produce, Inc., for $1,470,000 in cash. The fair value of the identifiable net assets of Farmers Produce was $1,323,000. a. Included in the assets purchased from Farmers Produce was a patent for a method of processing lettuce valued at $37,800. The original legal life of the patent was 20 years. There are still 17 years left on the patent, but Lettuce Express estimates the patent will be useful for only 9 more years. b. Lettuce Express acquired a franchise on July 1, 2021, by paying an initial franchise fee of $195,200. The contractual life of the franchise is eight years. roblem 7-6B Part 1 Problem 7-6B Part 1 Required: 1. Record amortization expense for the intangible assets at December 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the amortization on goodwill. Journal entry worksheet 2 3 Record the amortization on goodwill. Note: Enter debits before credits. Transaction General Journal Debit Credit a Journal entry worksheet