As the recently appointed auditor for Concord Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2020, are prepared. The controller for Concord 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 947,000 947,000 Jan. 5 Legal costs to obtain patent 76,080 1,023,080 Jan. 31 Payment of 7 months' rent on property leased by Concord 95,900 1,118,980 Feb. 11 Premium on common stock 247,000 871,980 March 31 Unamortized bond discount on bonds due March 31, 2040 124,800 996,780 April 30 Promotional expenses related to start-up of business 225,000 1,221,780 June 30 Operating losses for first 6 months 254,000 1,475,780 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 o for the amounts.) Account Titles and Explanation Debit Credit (To correct the account) (To record amortiztion expense)