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Prepare the intangible asset section of the december

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Question - The following information relates to the intangible assets of University Testing Services (UTS):

a. On January 1, 2015, UTS completed the purchase of Heinrich Corporation for $2,898,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,600,000.

b. Included in the assets purchased from Heinrich was a patent valued at $93,200. 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 franchises on July 1, 2015, by paying an initial franchises fee of $346,000. The contractual life of the franchises is 10 years.

Prepare the intangible asset section of the December 31, 2015, balance sheet.

Reference no: EM132051756

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