the following information concerns the intangible assets of baez corporation: on june 30, 2024, baez completed the acquisition of the johnstone corporation for $2,540,000 in cash. the fair value of the net identifiable assets of johnstone was $2,150,000. included in the assets purchased from johnstone was a patent that was valued at $94,400. the remaining legal life of the patent was 13 years, but baez believes that the patent will only be useful for another eight years. baez acquired a franchise on october 1, 2024, by paying an initial franchise fee of $236,000. the contractual life of the franchise is 10 years. required: prepare year-end adjusting journal entries to record straight-line amortization expense of the intangibles at december 31, 2024. prepare the intangible asset section of the december 31, 2024, balance sheet.