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 tou Company for $800,000 on January 1,2022 Janes estimated the remaining useful life of the patent to be 10 years. The patent was carned 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 Pank Company for $520,000. The contractuat life of the franchise is 10 years and fanes tecords a full year of amortization in the year of purchase. c. Janes incurred research and development costs in 2024 as follows d Effective January 1,2024, based on new events that have occurred, Janes estimates that the remaining ife of the patent purchased from Lou is only five mole 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