Janes Company Provided The Following Information On Intangible Assets

Janes Company provided the following information on intangible assets: a. A patent was purchased from the Lou Company for
$1,050,000
on January 1, 2019. 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
$420,000
when Lou sold it to Janes. b. During 2021, a franchise was purchased from the Rink Company for
$570,000 Janes Company Provided The Following Information On Intangible Assets

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. 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 2021 as follows: d. 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 Janes’s December 31, 2021, balance sheet. Complete this question by entering your answers in the tabs below. 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.) Journal entrv worksheet Complete this question by entering your answers in the tabs below. 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.) Journal entry worksheet Complete this question by entering your answers in the tabs below. Prepare the entries necessary for years 2019 through 2021 to reflect the above information. (If no entry is required for a cransaction/event, select “No journal entry required” in the first account field.) Journal entry worksheet Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. 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.) Journal entrv worksheet Complete this question by entering your answers in the tabs below. 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.) Journal entrv worksheet Ivote: EnLer aedits detare creais. Complete this question by entering your answers in the tabs below. Janes Company Provided The Following Information On Intangible Assets 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.) Journal entry worksheet Complete this question by entering your answers in the tabs below. 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.) Journal entry worksheet Record amortization on the patent after change in useful life. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare a schedule showing the intangible asset section of Janes’s December 31,2021 , balance sheet. Janes Company Provided The Following Information On Intangible Assets

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