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 $2,745,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,450,000.
b. Included in the assets purchased from Heinrich was a patent valued at $92,000. 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 $340,000. The contractual life of the franchise is 10 years.
Prepare the intangible asset section of the December 31, 2021, balance sheet
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The following information relates to the intangible assets of University Testing Services (UTS):
a....
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