+ Ch 12: Homework PDR Question 8 of 25 -/1 View Policies Current Attempt in Progress As the recently appointed auditor for Blue Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2020, are prepared. The controller for Blue Corporation mentions that only one account is kept for intangible assets. The account is shown below. Intangible Assets Debit Credit Balance Jan 4 953,000 953,000 Jan. 5 77,520 1,030,520 Jan. 31 85,400 1,115,920 Feb. 11 253,000 862,920 Research and development costs Legal costs to obtain patent Payment of 7 months' rent on property leased by Blue 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 31 139,200 1,002,120 April 30 207,300 1,209,420 June 30 259,000 1,468,420 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.) + Ch 12: Homework PDR -/1 Question 8 of 25 errer jurtrie umrourits./ Account Titles and Explanation Debit Credit (To correct the account) (To record amortiztion expense)