E12.13 (LO 3) (Accounting for Goodwill) On July 1, 2022, Brandon SE purchased Mills Company by paying 250,000 cash and issuing a 150,000 note payable. At July 1, 2022, the statement of financial position of Mills Company was as follows. 75,000 Equity 235,000 70,000 Accounts payable 200,000 Buildings (net) Equipment (net) Trademarks 10,000 Land 40,000 Inventory 100,000 Accounts receivable 90,000 Cash 50,000 435,000 435,000 The recorded amounts all approximate current values except for land (fair value of 80,000), inventory (fair value of 125,000), and trademarks (fair value of 15,000). Instructions 1. Prepare the July 1 entry for Brandon to record the purchase. 2. Prepare the December 31 entry for Brandon to record amortization of intangibles. The trademarks have an estimated useful life of 4 years with a residual value of 3,000