A patent was purchased from the Lou Company for $1,050,000 on January 1, 2019. Janes estimated the remaining useful life of the patent to be 10 years. The patent was carried on Lous accounting records at a net book value of $420,000 when Lou sold it to Janes. During 2021, a franchise was purchased from the Rink Company for $570,000. The contractual life of the franchise is 10 years and Janes records a full year of amortization in the year of purchase. Janes incurred research and development costs in 2021 as follows: Materials and supplies $ 147,000 Personnel 187,000 Indirect costs 67,000 Total $ 401,000 Effective January 1, 2021, based on new events that have occurred, Janes estimates that the remaining life of the patent purchased from Lou is only five more years. Required: 1. Prepare the entries necessary for years 2019 through 2021 to reflect the above. information.Prepare a schedule showing the intangible asset section of Janess December 31, 2021, balance sheet.