6. On January 1, 2020, UMPI, Corporation purchased ABC, Corporation by paying $350,000 in cash and issuing $100,000 in common stock. At January 1, 2020, ABCs balance sheet was as follows: Cash $60,000 A/R 80,000 Inventory 220,000 Equipment (net) 100,000 Patent 25,000 Accounts Payable (300,000) Stockholder Equity (185,000) All recorded book values are current except for the following: Inventory Fair Value is $175,000 Equipment Fair Value is 250,000 Patent Fair Value is 35,000 1. Prepare the January 1, 2020 journal entry for UMPI to record the purchase of ABC. 2. Prepare the December 31, 2020 adjusting journal entry for UMPI to record the amortization of the intangibles. The patent has an estimated useful life remaining of 4 years.