As the recently appointed auditor for Blue Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2020, are prepared. The controller for Blue 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		953,000				953,000
Jan. 5		Legal costs to obtain patent		77,520				1,030,520
Jan. 31		Payment of 7 months rent on property
		leased by Blue		85,400				1,115,920
Feb. 11		Premium on common stock				253,000		862,920
March 31		Unamortized bond discount on bonds
		due March 31, 2040		139,200				1,002,120
April 30		Promotional expenses related to
		start-up of business		207,300				1,209,420
June 30		Operating losses for first 6 months		259,000				1,468,420

Prepare the entries necessary to correct this account. Assume that the patent has a useful life of 10 years. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title to correct the account	enter a debit amount	enter a credit amount
enter an account title to correct the account	enter a debit amount	enter a credit amount
enter an account title to correct the account	enter a debit amount	enter a credit amount
enter an account title to correct the account	enter a debit amount	enter a credit amount
enter an account title to correct the account	enter a debit amount	enter a credit amount
enter an account title to correct the account	enter a debit amount	enter a credit amount
enter an account title to correct the account	enter a debit amount	enter a credit amount
enter an account title to correct the account	enter a debit amount	enter a credit amount
enter an account title to correct the account	enter a debit amount	enter a credit amount
enter an account title to correct the account	enter a debit amount	enter a credit amount
(To correct the account)
enter an account title to record amortiztion expense	enter a debit amount	enter a credit amount
enter an account title to record amortiztion expense	enter a debit amount	enter a credit amount
(To record amortiztion expense)