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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 $$3,153,000in$ cash. The fair value of the net identifiable assets of Heinrich was $$2,850,000.$

b$.$ Included in the assets purchased from Heinrich was a patent valued at $$91,200.$ 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 $$356,000.$ The contractual life of the franchise is $10$ years.

Required:

Record amortization expense for the intangible assets 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.

Required $1$

Record amortization expense for the intangible assets at December $31,2024.($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

$1$

$2$

$3$

On January $1,2024,$ UTS completed the purchase of Heinrich Corporation for $$3,153,000$ in cash. The fair value of the net identifiable assets of Heinrich was $$2,850,000.$ Record amortization of goodwill.

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Required $1$

Required $2$

Record amortization expense for the intangible assets at December $31,2024.($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

$1$

$2$

$3$

rences

On January $1,2024,$ UTS completed the purchase of Heinrich Corporation for $$3,153,000$ in cash. The fair value of the net identifiable assets of Heinrich was $$2,850,000.$ Record amortization of goodwill.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[$a$.,,,-],[,,,],[,,,],[,,,],[,,,]]$

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$$

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$6$ of $9$

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Required $1$

Required $2$

Record amortization expense for the intangible assets at December $31,2024.($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

$1$

$2$

$3$

On January $1,2024,$ UTS completed the purchase of Heinrich Corporation for $$3,153,000$ in cash. The fair value of the net identifiable assets of Heinrich was $$2,850,000.$ Record amortization of goodwill.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[$a$.,,,-],[,,,],[,,,],[,,,],[,,,]]$

Prev

$6$ of $9$

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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 $$3,153,000in$ cash. The fair value of the net identifiable assets of Heinrich was $$2,850,000.$

b$.$ Included in the assets purchased from Heinrich was a patent valued at $$91,200.$ The original legal life of the patent was $20$ year 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 $$356,000.$ The contractual life of the franchise is $1$ years.

Required:

Record crmortization expense for the intangible assets 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.

Record amortization expense for the intangible assets at December $31,2024.($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

$1$

$2$

$3$

On January $1,2024,$ UTS completed the purchase of Heinrich Corporation for $$3,153,000$ in cash. The fair value of the net identifiable assets of Heinrich was $$2,850,000.$ Record amortization of goodwill.

Prev

$6$ of $9$

Next

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