Janes Company provided the following information on intangible assets: a. A patent was purchased from the Lou Company for $1,350,000 on January 1, 2019. 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 $480,000 when Lou sold it to Janes. b. During 2021, a franchise was purchased from the Rink Company for $630,000. 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 2021 as follows: Materials and supplies Personnel Indirect costs Total $153,000 193,000 73,000 $419,000 d. Effective January 1, 2021, 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 2019 through 2021 to reflect the above information. 2. Prepare a schedule showing the intangible asset section of Janes's December 31, 2021, 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, 2021, balance sheet. Partial Balance Sheet December 31, 2021 Intangible assets: Patent Franchise Total intangibles $ 0 Required 1 Required 2 Prepare the entries necessary for years 2019 through 2021 to reflect the above information. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Credit Debit 1,350,000 1 January 01, 2019 Patent Cash 1,350,000 2 December 31, 2019 Amortization expense 135,000 Patent 135.000 3 December 31, 2020 Amortization expense Patent 4 December 31, 2021 Franchise Cash 5 December 31, 2021 Amortization expense Franchise 6 December 31, 2021 Research and development expense Cash 7 December 31, 2021 Amortization expense Patent