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 life 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. Duting 2024, 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. c. Janes incurred research and development costs in 2024 as follows: d. Effective January 1, 2024, based on new events that have occurted, 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 2022 through 2024 to reflect the above information 2. Prepate a schedule showing the intangible asset section of Janes's December 31, 2024, balance sheet