As the recently appointed auditor for Sandhill Corporation, you have been asked to examine selected accounts before the six-month financial statements of June 30, 2023, are prepared. The controller for Sandhill mentions that only one account is kept for intangible assets. The entries in Intangible Assets since January 1, 2023, are as follows: INTANGIBLE ASSETS Debit Credit Balance Research costs 1,043,600 1,043,600 Legal costs to obtain patent 57,000 1,100,600) Payment of seven months' rent on property leased by Sandhill (February to August) 50,400 1,151,000 1 Proceeds from issue of common shares 309,800 841,200 Promotional expenses related to start-up of business 159,000 1,000,200 Development stage costs (meet all six development stage criteria) 222,000 1.222.200 > Start-up costs for first six months of operations 314,000 1,536,200 As the recently appointed auditor for Sandhill Corporation, you have been asked to examine selected accounts before the six-month financial statements of June 30, 2023, are prepared. The controller for Sandhill mentions that only one account is kept for intangible assets. The entries in Intangible Assets since January 1, 2023, are as follows: INTANGIBLE ASSETS Debit Credit Jan, 4 Research costs 1.043,600 1 5 Legal costs to obtain patent 57,000 1 Payment of seven months' rent on property leased by Sandhill (February to August) 50,400 1 Feb. 11 Proceeds from issue of common shares 309,800 Apr. 30 Promotional expenses related to start-up of business 159.000 1 June 1 Development stage costs (meet all six development stage criteria) 222.000 1 30 30 Start-up costs for first six months of operations 314,000 1 Account Titles and Explanation Research and Development Expense Debit 1043600 Credit Rent Expense Prepaid Rent Advertising Expense Intangible Assets Common Shares (To correct intangible asset account) Intangible Assets Common Shares (To correct intangible asset account) (To record amortization expense) (To record amortization expense) 100 10 00 00 00 000