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JenCo provided the following information on intangible assets:

• A patent was purchased from the Mock Company for $700,000 cash on January 1, 2013. JenCo estimated the remaining useful life of the patent to be 10 years. The patent was carried on Mock's accounting records at a net book value of $200,000 when Mock sold it to JenCo.
• During 2015, a franchise was purchased from the Mitt Company for $550,000 cash. The contractual life of the franchise is 10 years and JenCo records a full year of amortization in the year of purchase.
• JenCo incurred research and development costs of $380,000 in 2015. These costs were paid in cash.
• Effective January 1, 2015, based on new events that have occurred, JenCo estimates that the remaining life of the patent purchased from Mock is only five years.

Prepare the entries necessary to reflect the above information in JenCo's journal. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). Please make sure your final answer(s) are accurate to the nearest whole number. (a) Record the purchase of a patent, and its amortization for 2013 (record the amortization on December 31).

General JournalPage G1

Date. Account/Explanation. PR Debit Credit

(b) Record the purchase of the franchise on January 1.

General JournalPage G2

Date Account/Explanation. PR. Debit. Credit

(c) Record the research and development expenses on December 31.

General JournalPage G3

Date. Account/Explanation PR Debit Credit

(d) Record the year end adjusting entries for 2015.

General JournalPage G4

Date Account/Explanation PR Debit Credit

(e) Prepare a schedule showing the intangible asset section of JenCo's December 31, 2015, balance sheet. Enter the amortization amounts as negative numbers.

Patents .....

Less: Accumulated amortization, patents ........

Franchise........

Less: Accumulated amortization, franchise..........

Total intangibles...........

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