As the recently appointed auditor for Pronghorn Corporation, you have been asked to examine selected accounts before the 6- month financial statements of June 30, 2020, are prepared. The controller for Pronghorn 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 942,000 942,000 Jan. 5 Legal costs to obtain patent 74,880 1,016,880 Jan. 31 Payment of 7 months' rent on property leased by Pronghorn 92,400 1,109,280 Feb. 11 Premium on common stock 242,000 867,280 March 31 Unamortized bond discount on bonds due March 31, 2040 112,800 980,080 April 30 Promotional expenses related to start-up of business 232,300 1,212,380 June 30 Operating losses for first 6 months 254,500 1,466,880 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.)