23 E12-5 (Correct Intangible Assets Account) As the recently appointed auditor for William J. Bryan Corpo- 7ration, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2014, are prepared. The controller for William J. Bryan Corporation mentions that only one account is kept for intangible assets. The account is shown below. Intangible Assets Debit Credit Balance Jan. 4 Jan. 5 Research and development costs 940,000 Legal costs to obtain patent 75,000 940,000 1,015,000 Jan. 31 Payment of 7 months' rent on property 91,000 1,106,000 leased by Bryan Feb. 11 Premium on common stock 250,000 856,000 March 31 Unamortized bond discount on bonds 84,000 940,000 due March 31, 2034 April 30 Promotional expenses related to 207,000 1,147,000 start-up of business June 30 Operating losses for first 6 months 241,000 1,388,000 Instructions Prepare the entry or entries necessary to correct this account. Assume that the patent has a useful life of 10 years.