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, 2020, are prepared. The controller for Sandhill Corporation mentions that only one account is kept for intangible assets. The entries in Intangible Assets since January 1, 2020, are as follows: INTANGIBLE ASSETS Debit Credit E Jan 4 Research costs 1,049,700 1 5 Legal costs to obtain patent 50,000 1 Payment of seven months rent on property leased by Sandhill (February to August) 49,000 1 Feb. 11 Proceeds from issue of common shares 295,800 Apr 30 Promotional expenses related to start-up of business 157,000 1 June 1 Development stage costs (meet all six development stage criteria) 218,000 1 30 Start-up costs for first six months of operations 312,000 1 Prepare the entry or entries needed to correct this account. Assume that the patent has a useful life of 10 years and that Sandhill Corporation follows IFRS. (Credit account titles are automatically Indented when the 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. Round answers to O decimal places eg. 5.275)