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

*Exercise 12-05 As the recently appointed auditor for Pina Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2020, are prepared. The controller for Pina Corporation mentions that only one account is kept for intangible assets. The account is shown below. Intangible Assets Credit Jan. 4 Jan. 5 Jan. 31 Debit 941,000 74,640 Balance 941,000 1,015,640 91,700 1,107,340 866,340 241,000 Feb. 11 March 31 Research and development costs Legal costs to obtain patent Payment of 7 months' rent on property leased by Pina Premium on common stock Unamortized bond discount on bonds due March 31, 2040 Promotional expenses related to start-up of business Operating losses for first 6 months 110,400 976,740 April 30 215,500 256,500 1,192,240 1,448,740 June 30 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)