Intangible Assets Debit Credit Balance Jan. 4 Research and development costs 954,000 954,000 Jan. 5 Legal costs to obtain patent 77,760 1,031,760 Jan. 31 Payment of 7 months' rent on property leased by Bramble 86,100 1,117,860 Feb. 11 Premium on common stock 254,000 863,860 March 31 Unamortized bond discount on bonds due March 31, 2040 141,600 1,005,460 April 30 Promotional expenses related to start-up of business 208,100 1,213,560 June 30 Operating losses for first 6 months 243,500 1,457,060 Prepare the entries necessary to correct this account. Assume that the patent has a useful life of 10 years. (Credit account titl automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titl enter O for the amounts.) Account Titles and Explanation Debit Credit Research and Development Expense Legal Fees Expense 954000 77760