accounting

Amortization [LO11-4, 11-5] Janes Compary provided the following information on intangible assets: a. A patent was purchased from the Lou Company for $800,000 on January 1,2022 Janes estimated the remaining useful life of the patent to be 10 years. The patent was carried on Lou's accounting records at a net book value of $370,000 when Lou sold it to Janes. b. During 2024, a franchise was purchased from the Rink Company for $520,000. The contractual life of the franchise is 10 years and Janes records a full year of amortization in the year of purchase. c. Janes incurred tesearch and development costs in 2024 as follows: d. Effective January 1,2024, 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 2022 through 2024 to reflect the above information 2. Prepare a schedule showing the intangble asset section of fanes's December 31 . 2024, balance sheet. Complete this question by entering your answers in the tabs below. Prepare the entries necessary for vears 2022 through 2024 to reflect the above information. Notel if no entry is required for a transaction/event, select "No foumal entry required" in the first account fiales