Janes Company provided the following information on intangible assets: a. A patent was purchased from the Lou Company for $1,400,000 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 $490,000 when Lou sold it to Janes. b. During 2018, a franchise was purchased from the Rink Company for $640,000. 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 2018 as follows: K Materials and supplies Personnel Indirect costs Total $154,000 194,000 74.000 $422,000 nces 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 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. Required 1 Required 2 Prepare the entries necessary for years 2016 through 2018 to reflect the above information. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ces View transaction list View Journal entry worksheet No Date General Journal Debit Credit 1 January 01, 2016 Patent Cash RI Required 2 > transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record research and development expenses. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2018 Record entry Clear entry View general Journal DRA 2 Next > Journal entry worksheet Record amortization on the patent after change in useful life. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2018 Record entry Clear entry View general Journal 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, balance shee Partial Balance Sheet December 31, 2018 Intangible assets: Patent Book Hint Ask erences Total intangibles 0