Instructions Prepare the entry to record the purchase of Zweifel Galleries on Moss's $250,000 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as E12-12 (L01,2,3) (Accounting for Goodwill) On July 1, 2017, Brigham Corporation purchased Young Company by paying follows. Cash $ 50,000 Accounts receivable 90,000 Accounts payable Stockholders' equity $200,000 235,000 Inventory 100,000 $435,000 Land 40,000 Buildings (net) 75,000 Equipment (net) Trademarks 70,000 10,000) $435,000 The recorded amounts all approximate current values except for land (fair value of $60,000), inventory (fair value of $125,000 and trademarks (fair value of $15,000). Instructions (a) Prepare the July 1 entry for Brigham Corporation to record the purchase. (b) Prepare the December 31 entry for Brigham Corporation to record amortization of intangibles. The trademark has at estimated useful life of 4 years with a residual value of $3,000.