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Business, 18.10.2019 19:30 Fetty1738

The following information relates to the intangible assets of university testing services (uts): on january 1, 2021, uts completed the purchase of heinrich corporation for $3,255,000 in cash. the fair value of the net identifiable assets of heinrich was $2,950,000. included in the assets purchased from heinrich was a patent valued at $103,500. 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 nine more years. uts acquired a franchise on july 1, 2021, by paying an initial franchise fee of $288,000. the contractual life of the franchise is 8 years.

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