Exercise 12-5 D Your answer is partially correct. Try again. As the recently appointed auditor for Swifty Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2017, are prepared. The controller for Swifty Corporation mentions that only one account is kept for intangible assets. The account is shown below. Intangible Assets Credit Balance Debit 951,000 Jan. 4 Research and development costs 951,000 77,040 Jan. 5 Legal costs to obtain patent 1,028,040 Jan. 31 Payment of 7 months' rent on property leased by Bryan 1,112,040 84,000 251,000 861,040 Feb. 11 Premium on common stock March 31 Unamortized bond discount on bonds 134,400 due March 31, 2037 995,440 April 30 Promotional expenses related to start-up of business 222,500 1,217,940 June 30 Operating losses for first 6 months 1,462,940 245,000