Exercise $11-19($Static$)$ Amortization $[$L$011-4,11-5]$

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$.$ During $2024,$ 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 occurred, Janes estimates that the remaining life of the

patent purchased from Lou is only five more years.

Required:

Prepare the entries necessary for years $2022$ through $2024$ to reflect the above information.

Prepare a schedule showing the intangible asset section of Janes's December $31,2024,$ balance sheet.

Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

Prepare a schedule showing the intangible asset section of Janes's December $31,2024,$

balance sheet.