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 ufe 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 ufe of the franchise is to 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 potent 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 a schedule showing the intangible asset section of Janes's December 31,2024 , balance sheet. 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 account field