As the recently appointed auditor for Wildhorse Corporation, you have been asked to examine selected accounts before the six-month financial statements of June 30, 2020, are prepared. The controller for Wildhorse 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 Jan. 4 Research costs 1,040,700 5 Legal costs to obtain patent 50.000 Payment of seven months' rent on property leased by Wildhorse (February to August) 49,000 Feb. 11 Proceeds from issue of common shares 334,300 Apr. 30 Promotional expenses related to start-up of business 169,000 June 1 Development stage costs (meet all six development stage criteria) 216,000 30 Start-up costs for first six months of operations 316,000 Prepare the entry or entries needed to correct this account. Assume that the patent has a useful life of 10 years and that Wildhorse 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) No. Account Titles and Explanation 1. Debit Credit