Exercise 12-12 On July 1, 2020, Pronghorn Corporation purchased Young Company by paying $252,100 cash and issuing a $146,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Accounts payable Stockholders' equity $205,000 243,200 $448,200 Cash Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks $50,900 91,600 107,000 41,600 75,600 69,900 11,600 $448,200 The recorded amounts all approximate current values except for land (fair value of $60,100), inventory (fair value of $124,500), and trademarks (fair value of $16,080). Prepare the July 1 entry for Pronghom 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 Prepare the December 31 entry for Pronghorn Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,920. (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