Exercise 12-5 As the recently appointed auditor for Culver Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2017, are prepared. The controller for Culver Corporation mentions that only one account is kept for intangible assets. The account is shown below. Intangible Assets Credit Jan. 4 Jan. 5 Jan. 31 Debit 948,000 76,320 Balance 948,000 1,024,320 96,600 1,120,920 872,920 248,000 Feb. 11 March 31 Research and development costs Legal costs to obtain patent Payment of 7 months' rent on property leased by Bryan Premium on common stock Unamortized bond discount on bonds due March 31, 2037 Promotional expenses related to start-up of business Operating losses for first 6 months 127,200 1,000,120 April 30 228,900 241,500 1,229,020 1,470,520 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.) Account Titles and Explanation Debit Credit (To correct the account) (To record amortiztion expense) Click if you would like to Show Work for this question: Open Show Work