Exercise 12-5 As the recently appointed auditor for Bridgeport Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2017, are prepared. The controller for Bridgeport Corporation mentions that only one account is kept for intangible assets. The account is shown below. Intangible Assets Debit Credit Balance Jan. 4 933,000 72,720 933,000 1,005,720 Jan. 5 Jan. 31 Research and development costs Legal costs to obtain patent Payment of 7 months' rent on property leased by Bryan Premium on common stock 86,100 1,091,820 858,820 Feb. 11 233,000 March 31 Unamortized bond discount on bonds 91,200 950,020 April 30 due March 31, 2037 Promotional expenses related to start-up of business Operating losses for first 6 months 220,700 256,000 1,170,720 1,426,720 June 30 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 O for the amounts.) 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 o for the amounts.) Account Titles and Explanation Debit Credit (To correct the account) (To record amortiztion expense)