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E12.5 (LO 1,2,5) (Correct Intangible Assets Account) As the recently appointed auditor for Bryan Corporation,...

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E12.5 (LO 1,2,5) (Correct Intangible Assets Account) As the recently appointed auditor for Bryan Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2020, are prepared. The controller for Bryan Corporation mentions that only one account is kept for intangible assets. The account is shown below. Intangible Assets Credit Balance Jan. 4 Jan. 5 Jan. 31 Debit 940,000 75,000 91,000 940,000 1,015.000 1,106,000 250,000 ( Feb. 11 March 31 Research and development costs Legal costs to obtain patent Payment of 7 months' rent on property leased by Bryan Premium on common stock Unamortized bond discount on bonds due March 31, 2040 Promotional expenses related to start-up of business Operating losses for first 6 months 856,000 940,000 84,000 April 30 207,000 1.147.000 June 30 241,000 1.388,000 Instructions odonto oo babes Prepare the entry or entries necessary to correct this account. Assume that the patent has a useful life of 10 years

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