Exercise 11-19 (Static) Amortization [LO11-4, 11-5] Janes Company provided the following information on intangible assets: a. A patent was purchased from the Lou Company for $700,000 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 $350,000 when Lou sold it to Janes. b. During 2024, a franchise was purchased from the Rink Company for $500,000. 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 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. 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 occouot field. Journal entry worksheet 4 Note: Enter debits before credits. Journal entry worksheet \& 1+2 Journal entry worksheet 1 Note: Enter debits before credits. Journal entry worksheet 123 Journal entry worksheet 12 Record research and development expenses. Note: rakmadahire hafnre credits. Journal entry worksheet 1 2 3 5 6 Record amortization on the patent after change In useful life. Note: Enter debits before credits. 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. Prepare a schedule showing the intanglble asset section of Janes's December 31,2024 , balance sheet