--/1 Question 8 View Policies Current Attempt in Progress As the recently appointed auditor for Ayayai Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2020, are prepared. The controller for Ayayai Corporation mentions that only one account is kept for intangible assets. The account is shown below. Intangible Assets Credit Balance 952,000 Jan.4 Debit 952,000 77.280 Research and development costs Jan. 5 Legal costs to obtain patent 1,029,280 Jan. 31 Payment of 7 months' rent on property leased by Ayayai 84,700 1,113,980 Feb. 11 Premium on common stock 252.000 861,980 March 31 Unamortized bond discount on bonds due March 31, 2040 136,800 998,780 April 30 Promotional expenses related to start-up of business 1,207,980 209,200 255,000 June 30 Operating losses for first 6 months 1,462,980 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 for the amounts.) Account Titles and Explanation Debit Credit Account Titles and Explanation Debit Credit (To correct the account) (To record amortiztion expense) e Textbook and Media List of Accounts Attempts: 0 of 3 used Save for Later Submit answer Submit Answer Send to Gradebook Previous Next