As the recently appointed auditor for B Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2020, are prepared. The controller for B Corporation mentions that only one account is kept for intangible assets. The account is shown below.

Intangible Assets
				Debit		Credit		Balance
Jan. 4		Research and development costs		932,000				932,000
Jan. 5		Legal costs to obtain patent		72,480				1,004,480
Jan. 31		Payment of 7 months rent on property
		leased by B Corp		85,400				1,089,880
Feb. 11		Premium on common stock				232,000		857,880
March 31		Unamortized bond discount on bonds
		due March 31, 2040		88,800				946,680
April 30		Promotional expenses related to
		start-up of business		216,800				1,163,480
June 30		Operating losses for first 6 months		247,500				1,410,980

Prepare the entries necessary to correct this account. Assume that the patent has a useful life of 10 years.

Account titles & explanation debit credit

*there are 12 rows*