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 $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 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 life of the pateont 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