As the recently appointed auditor for B Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2020, are prepared. The controller for B Corporation mentions that only one account is kept for intangible assets. The account is shown below.Date Particulars Debit Credit BalanceJan. 4 Research and development costs $932,000 $932,000Jan. 5 Legal costs to obtain patent $72,480 $1,004,480Jan. 31 Payment of 7 months' rent on property leased by B Corp $85,400 $1,089,880Feb. 11 Premium on common stock $232,000 $857,880Mar. 31 Unamortized bond discount on bonds due March 31, 2040 $88,800 $946,680Apr. 30 Promotional expenses related to start-up of business $216,800 $1,163,480Jun. 30 Operating losses for first 6 months $247,500 $1,410,980Prepare the entries necessary to correct this account. Assume that the patent has a useful life of 10 years.