As the recently appointed auditor for Ayayal Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2020, are prepared. The controller for Ayayai Corporation mentions that only one account is kept for intangible assets. The account is shown below. Intangible Assets Credit Jan. 4 Jan. 5 Jan. 31 Debit 930,000 72,000 Balance 930,000 1,002,000 84,000 1,086,000 856,000 230,000 Feb. 11 March 31 Research and development costs Legal costs to obtain patent Payment of 7 months' rent on property leased by Ayayal Premium on common stock Unamortized bond discount on bonds due March 31, 2040 Promotional expenses related to start-up of business Operating losses for first 6 months 84,000 940,000 April 30 207,100 240,000 1,147,100 1,387,100 June 30 Account Titles and Explanation Debit Credit Research and Developmen 930000 Intangible Assets 930000 Patents 72000 Intangible Assets 72000 Rent Expense 60000 Prepaid Rent 24000 Intangible Assets 84000 Interest Expense 1050 Discount on Bonds Payable 82950 84000 Intangible Assets (To correct the account) Advertising Expense 207,100 Intangible Assets 207,100 (To record amortiztion expense)