Exercise 12-12 On July 1, 2020, Marigold Corporation purchased Young Company by paying $252,700 cash and issuing a $136,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $51,600 Accounts payable $207,000 Accounts receivable 91,700 Stockholders' equity 241,600 Inventory 106,000 $448,600 Land 40,600 Buildings (net) 76,400 Equipment (net) 71,300 Trademarks 11,000 $448,600 The recorded amounts all approximate current values except for land (fair value of $63,800), inventory (fair value of $124,300), and trademarks (fair value of $16,720). Prepare the July 1 entry for Marigold 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 o for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Prepare the December 31 entry for Marigold Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,240. (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 o for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT