As the recently appointed auditor for William J. Bryan Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2014, are prepared. The controller for William J. Bryan Corporation mentions that only one account is kept for intangible assets. The account is shown below.

	Intangible Assets
		Debit	Credit	Balance
Jan. 4	Research and development costs	931,320		931,320
Jan. 5	Legal costs to obtain patent	94,560		1,025,880
Jan. 31	Payment of 7 months rent on property
	leased by Bryan	88,480		1,114,360
Feb. 11	Premium on common stock		277,660	836,700
March 31	Unamortized bond discount on bonds
	due March 31, 2034	136,800		973,500
April 30	Promotional expenses related to
	start-up of business	211,920		1,185,420
June 30	Operating losses for first 6 months	251,710		1,437,130

Prepare the entry or entries necessary to correct this account. Assume that the patent has a useful life of 10 years.

Account Titles and Explanation	Debit	Credit

(To correct the account) ^

Account Titles and Explanation	Debit	Credit

(To record amortiztion expense) ^