As the recently appointed auditor for Cullumber Corporation, you have been asked to examine selected accounts before the six-month financial statements of June 30, 2020, are prepared. The controller for Cullumber Corporation mentions that only one account is kept for intangible assets. The entries in Intangible Assets since January 1, 2020, are as follows: INTANGIBLE ASSETS Debit Credit Balance Jan. 4 Research costs 1,051,500 1,051,500 5 Legal costs to obtain patent 46,000 1,097,500 Payment of seven months rent on property leased by Cullumber (February to August) 49,700 1,147,200 Feb. 11 Proceeds from issue of common shares 318,700 828,500 Apr. 30 Promotional expenses related to start-up of business 160,000 988,500 June 1 Development stage costs (meet all six development stage criteria) 217,000 1,205,500 30 Start-up costs for first six months of operations 327,000 1,532,500 Prepare the entry or entries needed to correct this account. Assume that the patent has a useful life of 10 years and that Cullumber Corporation? follows IFRS. (Credit account titles are automatically indented when the 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. Round answers to 0 decimal places e.g. 5,275.) No. Account Titles and Explanation Debit Credit 1. enter an account title to correct intangible asset account Research and Development Expense enter a debit amount enter a credit amount enter an account title to correct intangible asset account Intangible Assets-Patents enter a debit amount enter a credit amount enter an account title to correct intangible asset account Rent Expense enter a debit amount enter a credit amount enter an account title to correct intangible asset account Prepaid Rent enter a debit amount enter a credit amount enter an account title to correct intangible asset account Advertising Expense enter a debit amount enter a credit amount enter an account title to correct intangible asset account Income Summary enter a debit amount enter a credit amount enter an account title to correct intangible asset account Discount on Bonds Payable enter a debit amount enter a credit amount enter an account title to correct intangible asset account Interest Expense enter a debit amount enter a credit amount enter an account title to correct intangible asset account Common Shares enter a debit amount enter a credit amount (To correct intangible asset account) 2. enter an account title to record amortization expense Amortization Expense enter a debit amount enter a credit amount enter an account title to record amortization expense Amortization Expense enter a debit amount enter a credit amount (To record amortization expense) 3. enter an account title to record amortization expense enter a debit amount enter a credit amount enter an account title to record amortization expense enter a debit amount enter a credit amount (To record amortization expense)