a on june 30 2016 epstein completed the acquisition of the johnstone corporation for 1551644

a. On June 30, 2016, Epstein completed the acquisition of the Johnstone Corporation for $1,520,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,300,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $67,200. The remaining legal life of the patent was 13 years, but Epstein believes that the patent will only be useful for another eight years. c. Epstein acquired a franchise on October 1, 2016, by paying an initial franchise fee of $168,000. The contractual life of the franchise is 10 years. Required: 1. Prepare year-end adjusting journal entries to record amortization expense on the intangibles at December 31, 2016