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As the recently appointed auditor for Hongmin Park Limited, you have been asked to examine selected accounts before the financial statements are prepared. The controller for Hongmin Park Limited mentions that only one account (shown below) is kept for Intangible Assets. G.L Account #: 4290 Description Debit Credit Balance nil Intangible Assets Date 20X1 January 1, January 1, June 30, August 15, Sept. 30, October 30, Balance Research & Development Patents (17-year life) Goodwill Franchise (10-year life) Proceed on Sale of common shares 2,200,000 34,000 500,000 250,000 800,000 200,000 November 30, December 31, Gain on Sale of Land Operating Losses 1,600,000 3,584,000 Required: Prepare a compound entry (if any) to correct this account. Assume that the books have been closed. For the toolbar broer ALT+10 Pro ATEN+10 (Mac)