Your answer is partially correct.

As the recently appointed auditor for Sheridan Corporation, you have been asked to examine selected accounts before the six$-$month

financial statements of June $30,2023,$ are prepared. The controller for Sheridan mentions that only one account is kept for intangible

assets. The entries in Intangible Assets since January $1,2023,$ are as follows:

INTANGIBLE ASSETS

Prepare the journal entry or entries needed to correct this account. Allocate rent between the prepaid and expense accounts at Jun

Assume that the patent and the development costs have a useful life of $10$ years and that Sheridan 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 $0$ for the amounts. List all debit entries before credit entries. Round answers to $0$ decimal places, e$.$g$.5,125.)($To correct intangible asset account$)$

Amortization Expense

Accumulated Amortization $-$ Patents

$($To record amortization expense$)$

Accumulated Amortization $-$ Customer Lists

$($To record amortization expense$)$

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