Exercise 12-12 On July 1, 2017, Pina Corporation purchased Young Company by paying $261,500 cash and issuing a $103,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows. Cash $50,200 Accounts payable $204,000 Accounts receivable 91,400 Stockholders equity 237,400 Inventory 100,000 $441,400 Land 42,000 Buildings (net) 75,800 Equipment (net) 71,000 Trademarks 11,000 $441,400 The recorded amounts all approximate current values except for land (fair value of $60,700), inventory (fair value of $125,000), and trademarks (fair value of $17,120). Prepare the July 1 entry for Pina Corporation to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the December 31 entry for Pina Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,480. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT