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

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Accounting

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Required informationn [The following information applies to the questions displayed below.] The following information relates to the intangible assets of University Testing Services (UTS): a. On January 1, 2021, UTS completed the purchase of Heinrich Corporation for $3,459,000 in cash. The fair value of the net identifiable assets of Heinrich was $3,150,000. b. Included in the assets purchased from Heinrich was a patent valued at $93,600. 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, 2021, by paying an initial franchise fee of $368,000. The contractual life of the franchise is 10 years. 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.)

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