Janes Company provided the following information on intangible assets: A patent was purchased from the Lou Company for $700,000 on January 1, 2019. 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 $350,000 when Lou sold it to Janes. During 2021, a franchise was purchased from the Rink Company for $500,000. 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 2021 as follows: Materials and supplies $ 140,000 Personnel 180,000 Indirect costs 60,000 Total $ 380,000 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 Janess December 31, 2021, balance sheet.

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 Journal entry worksheet 1 2 3 5 6 7 Record the purchase of a patent. Note: Enter debits before credits. General Journal Credit Date January 01, 2019 Debit 700,000 Patent 700,000 Record entry Clear entry View general iournal