Balance As the recently appointed auditor for Ivanhoe Corporation, you have been asked to examine selected accounts before the six-month financial statements of June 30,2020. are prepared. The controller for Ivanhoe Corporation mentions that only one account is kept for intangible assets. The entries in Intangible Assets since January 1, 2020, are as follows: E ASSETS Debit Credit Research costs 1,043,100 1,043,100 Legal costs to obtain patent 46,000 1,089,100 Payment of seven months' rent on property leased by Ivanhoe (February to August) 49,700 1.138.800 Proceeds from issue of common shares 295,500 843,300 Promotional expenses related to start-up of business 165.000 1,008,300 Development stage costs (meet all six development stage criteria) 210,000 1,218,300 Start-up costs for first six months of operations 320,000 1,538,300 Prepare the entry or entries needed to correct this account. Assume that the patent has a useful life of 10 years and that Ivanhoe 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 for the amounts. Round answers to decimal places eg. 5,275.) No. Account Titles and Explanation Debit Credit 1. (To correct intangible asset account) 2. (To record amortization expense) 3. (To record amortization expense)