As the recently appointed auditor for Sheridan Corporation, you have been asked to examine selected accounts before the six-month financial statements of June 30, 2023, are prepared. The controller for Sheridan 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 1,055,100 5 Legal costs to obtain patent 46,000 Payment of seven months' rent on property leased by Sheridan (February to August) 49,700 Feb. 11 Proceeds from issue of common shares 314,700 Apr. 30 Promotional expenses related to start-up of business 157,000 June 1 Development stage costs (meet all six development stage criteria) 213,000 30 30 Start-up costs for first six months of operations 330,000 Prepare the journal entry or entries needed to correct this account. Allocate rent between the prepaid and expense accounts at Jun 30. Assume that the patent and the development costs have a useful life of 10 years and that Sheridan 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. List all debit entries before credit entries. Round answers to O decimal places, e.g. 5,125.) Account Titles and Explanation Debit Credit