As the recently appointed auditor for Hillary Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2012, are prepared. The controller for Hillary Corporation mentions that only one account is kept for intangible assets. Intangible Assets Debit Credit Balance Jan. 4 Research and development costs 906,280 906,280 Jan. 5 Legal costs to obtain patent 72,000 978,280 Jan. 31 Payment of 7 months rent on property leased by Hillary 96,460 1,074,740 Feb. 11 Premium on common stock 234,350 840,390 March 31 Unamortized bond discount on bonds due March 31, 2032 122,400 962,790 April 30 Promotional expenses related to start-up of business 223,690 1,186,480 June 30 Operating losses for first 6 months 150,520 1,337,000 Prepare the entry or entries necessary to correct this account. Assume that the patent has a useful life of 12 years. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To correct the account) (To record amortiztion expense)