As the recently appointed auditor for Sarasota Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30,2020, are prepared. The controller for Sarasota Corporation mentions that only one account is kept for intangible assets. The account is shown below. Intangible Assets Debit Credit Balance Jan. 4 944,000 944,000 1.019,360 Jan. 5 75,360 Jan. 31 93.800 1,113,160 Feb. 11 244.000 869.160 Research and development costs Legal costs to obtain patent Payment of 7 months' rent on property leased by Sarasota 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 March 31 117,600 986,760 April 30 1.198,060 211,300 253,500 June 30 1,451.560 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 for the amounts.) Account Titles and Explanation Debit Credit (To correct the account) (To record amortiztion expense)