E12-12B (LOI,2,3) (Accounting for Goodwill) OnJuly 1, 2017, Aeroplus Corporation purchased Johnson Company by pay- ing $187 500 cash and issuing a $65000 note payable to Steve Johnson. At July 1, 2017, the balance sheet of Johnson Company was as follows. $ 38,500 66,500 75,000 30,000 56,250 52,500 7,500 5326,250 Accounts payable Stockholders' equity 160,000 166,250 326,250 Cash Inventory Land Buildings (net) Equipment (net) Copyrights The recorded amounts all approximate current values except for land (worth $45,000), inventory (worth $93,750), and copyrights (worth $11,250). (a) Prepare the July 1 entry for Aeroplus Corporation to record the purchase. (b) Prepare the December 31 entry for Aeroplus Corporation to record amortization of intangibles. The copyrights have an estimated useful life of 4 years with a residual value of $2,450