Janes Company provided the following information on intangible assets:

A patent was purchased from the Lou Company for $$1,550,000$ on January $1,2022.$ Janes estimated the remaining useful life of the patent to be $10$ years. The patent was carried on Lou$$s accounting records at a net book value of $$520,000$ when Lou sold it to Janes.

During $2024,$ a franchise was purchased from the Rink Company for $$670,000.$ The contractual life of the franchise is $10$ years and Janes records a full year of amortization in the year of purchase.

Janes incurred research and development costs in $2024$ as follows:

Materials and supplies $ $157,000$

Personnel $197,000$

Indirect costs $77,000$

Total $ $431,000$

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:

Prepare the entries necessary for years $2022$ through $2024$ to reflect the above information.

Prepare a schedule showing the intangible asset section of Janes$$s December $31,2024,$ balance sheet.