Exercise 11-19 (Algo) Amortization [LO11-4, 11-5] Janes Company provided the following information on intangible assets: a. A patent was purchased from the Lou Company for $900,000 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 $390,000 when Lou sold it to Janes, b. During 2024, a franchise was purchased from the Rink Company for $540,000. 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 research and development costs in 2024 as follows: Materials and supplies Personnel Indirect costs Total $ 144,000 184,000 64,000 $ 392,000 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 intangible asset section of Janes's December 31, 2024, balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the entries necessary for years 2022 through 2024 to reflect the above information. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field, View transaction list Journal entry worksheet 4 < 2 3 Journal entry worksheet 1 2 3 4 5 Record the purchase of a patent. Note: Enter debits before credits. Date: January 01, 2022 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 3 4 5 6 7 Record amortization on the patent. Note: Enter debits before credits. Date December 31, 2022 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 4 5 6 > Record amortization on the patent. Note: Enter debits before credits. Date December 31, 2023 General Journal Debit Credit Record entry Clear entry 11 View general journal Journal entry worksheet < 1 2 3 Record the purchase of a franchise. Note: Enter debits before credits. Date: December 31, 2024 5 6 7 > General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 4 6 > Record amortization of franchise. Note: Enter debits before credits. Date December 31, 2024 General Journal) Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 5 Record research and development expenses. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 4 5 6 17 Record amortization on the patent after change in useful life. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit Record entry Clear entry View general journal > costs in 2024 as follows: Materials and supplies Personnel Indirect costs Total $ 144,000 184,000 64,000 $ 392,000 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 intangible asset section of Janes's December 31, 2024, balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule showing the intangible asset section of Janes's December 31, 2024, balance sheet. Intangible assets: Partial Balance Sheet December 31, 2024 Total intangibles S < Required 1 Required>>