Janes Company provided the following assets A patent was purchased from the Lou Company for $850,000 on January 1, 2014. Janes estimated the remaining useful life of the patent to be 10 years. The patent was carried on Lous accounting records at a net book value of $380,000 when Lou sold it to Janes During 2016, a franchise was purchased from the Rink Company for $530,000. The contractual life of the franchise is 10 years and Janes records a fuil year of amortization in the year of purchase. Janes incurred research and development costs in 2016 as olows Efflective January 1, 2016, based on new events that have occurred, Janes estimates thatl the remaining life of the patent purchased from Lou is only ive more years Required: Prepare the entries necessary for years 2014 through 2016 to reflect the above information. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.) Journal entry worksheet ournal entry worksheet Journal entry worksheet Record research and development expenses May 20, 2016 d. Journal entry worksheet Record amortization on the pater after dange n use Prepare a schedule showing the intangible asset section of Janes's December 31, 2016, balance sheet