Check my work Check My Work button is now enabled5Item 4 Item 4 10 points Janes Company provided the following information on intangible assets: 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 Lous accounting records at a net book value of $490,000 when Lou sold it to Janes. 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. Janes incurred research and development costs in 2018 as follows: Materials and supplies $ 154,000 Personnel 194,000 Indirect costs 74,000 Total $ 422,000 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 Janess December 31, 2018, balance sheet.