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The following information concerns the intangible assets of Baez Corporation:

a$.$ On June $30,2024,$ Baez completed the acquisition of the Johnstone Corporation for $$2,000,000$ in cash. The falr value of the

net identifiable assets of Johnstone was $$1,700,000.$

b$.$ Included in the assets purchased from Johnstone was a patent that was valued at $$80,000.$ The remaining legal life of the patent

was $13$ years, but Baez belleves that the patent will only be useful for another elght years.

c$.$ Baez acquired a franchise on October $1,2024,$ by paying an initial franchise fee of $$200,000.$ The contractual iffe of the franchise

is $10$ years.

Required:

Prepare year$-$end adjusting journal entries to record straight$-$Iine amortization expense of the intangibles at December $31,2024.$

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

Complete this question by entering your answers in the tabs below.

Prepare year$-$end adjusting journal entries to record straight$-$line amortization expense of the intangibles at December $31,2024,$

Note: Do not round intermediate calculations. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the

first account field.

Journal entry worksheet

Record the goodwill amortization.

Note: Enter debits before credits.

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