Jan. 4 As the recently appointed auditor for Carla Vista Corporation, you have been asked to examine selected accounts before the six- month financial statements of June 30,2020, are prepared. The controller for Carla Vista Corporation mentions that only one account is kept for intangible assets. The entries in Intangible Assets since January 1, 2020, are as follows: INTANGIBLE ASSETS Debit Credit Research costs 1,057,900 Legal costs to obtain patent 43,000 Payment of seven months' rent on property leased by Carla Vista (February to August) 49,700 Proceeds from issue of common shares 297.100 Apr. 30 Promotional expenses related to start-up of business 158,000 June 1 Development stage costs (meet all six development stage criteria) 219.000 30 Start-up costs for first six months of operations 315.000 5 Feb. 11 As the recently appointed auditor for Carla Vista Corporation, you have been asked to examine selected accounts before the six- month financial statements of June 30.2020. are prepared. The controller for Carla Vista Corporation mentions that only one account is kept for intangible assets. The entries in Intangible Assets since January 1, 2020. are as follows: ASSETS Debit Credit Balance Research costs 1,057,900 1,057.900 Legal costs to obtain patent 43,000 1,100.900 Payment of seven months' rent on property leased by Carla Vista (February to August) 49,700 1,150,600 Proceeds from issue of common shares 297.100 853.500 Promotional expenses related to start-up of business 158,000 1,011,500 Development stage costs (meet all six development stage criteria) 219.000 1.230.500 Start-up costs for first six months of operations 315.000 1.545.500 Prepare the entry or entries needed to correct this account. Assume that the patent has a useful life of 10 years and that Carla Vista Corporation follows IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts Round answers to decimal places es 5275) No. Account Titles and Explanation Debit Credit 1. (To correct intangible asset account) 2. (To record amortization expense) 3. (To record amortization expense)