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.)

Account Titles and Explanation	Debit	Credit
enter an account title to correct the account	enter a debit amount	enter a credit amount
enter an account title to correct the account	enter a debit amount	enter a credit amount
enter an account title to correct the account	enter a debit amount	enter a credit amount
enter an account title to correct the account	enter a debit amount	enter a credit amount
enter an account title to correct the account	enter a debit amount	enter a credit amount
enter an account title to correct the account	enter a debit amount	enter a credit amount
enter an account title to correct the account	enter a debit amount	enter a credit amount
enter an account title to correct the account	enter a debit amount	enter a credit amount
enter an account title to correct the account	enter a debit amount	enter a credit amount
enter an account title to correct the account	enter a debit amount	enter a credit amount
(To correct the account)
enter an account title to record amortiztion expense	enter a debit amount	enter a credit amount
enter an account title to record amortiztion expense	enter a debit amount	enter a credit amount
(To record amortiztion expense)