On April 1, 2020, Aeroplus Corporation purchased Johnson Company by paying $200,000 cash and issuing a $50,000 note payable to Steve Johnson. At April 1, 2020, the balance sheet of Johnson Company was as follows: Cash $38,500 Receivables 66,500 Accounts payable Stockholders' Equity $160,000 166,250 Inventory 75,000 $326,250 Land 30,000 Buildings (net) 56,250 Equipment (et) 52,500 Copyrights 7,500 $326,250 The recorded amounts all approximate current values except for land (worth $35,000), inventory (worth $83,750), and copyrights (worth $12,250). Instructions: 1. Prepare the April 1 entry for Aeroplus Corporation to record the purchase. 2. Prepare the December 31 entry for Aeroplus Corporation to record amortization of intangibles. The copyrights have an estimated useful life of 5 years with a residual value of $2,250.