Janes Company provided the following information on intangible assets a. A patent was purchased from the Lou b. During 2018, a franchise was purchased from the Rink Company for $510,000. The contractual life of the franchise is 10 years and c. Janes incurred research and development costs in 2018 as follows: Company for $750,000 on January 1, 2016 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 $360,000 when Lou sold it Janes. Janes records a full year of amortization in the year of purchase Materials and supplies Personnel Indirect costs $141,000 181,000 61,000 $383,000 Total d. Effective January 1, 2018, 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 2016 through 2018 to reflect the above information. 2. Prepare a schedule showing the intangible asset section of Janes's December 31, 2018, balance sheet Complete this question by entering your answers in the tabs below. K Prev 3 of 3 Next Prepare the entries necessary for years 2016 through 2018 to reflect the above information. (If no entry is requi transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record the purchase of a patent. 2 Record amortization on the patent. 3 Record amortization on the patent 4 Record the purchase of a franchise. 5 Record amortization of franchise. Credit 6 Record research and development expenses. Record amortization on the patent after change in useful life. 7 Note:journal entry has been entered View general journal Record entry Clear entry 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, 2018, ba Partial Balance Sheet ces December 31, 2018 Intangible assets: Total intangibles K Required