Read carefully & kindly answer in the format as Shown

Exercise 12-05 As the recently appointed auditor for Grouper Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2020, are prepared. The controller for Grouper Corporation mentions that only one account is kept for intangible assets. The account is shown below. Intangible Assets Debit Credit Balance Research and development Jan, 4 936,000 936,000 costs Jan. 5 Legal costs to obtain patent 73,440 1,009,440 Payment of 7 months' rent on Jan. 31 property leased by Grouper 88,200 1,097,640 Feb. 11 Premium on common stock 236,000 861,640 March Unamortized bond discount on 31 bonds due March 31, 2040 98,400 960,040 April 30 Promotional expenses related to start-up of business 216,100 1,176,140 June 30 Operating losses for first 6 245,000 months 1,421,140 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)