On July 1, 2014, Brigham Corporation purchased Young Company by paying $256,420 cash and issuing a $150,980 note payable to Steve Young. At July 1, 2014, the balance sheet of Young Company was as follows.

Cash		$50,090		Accounts payable		$203,490
Accounts receivable		91,720		Stockholders equity		240,690
Inventory		103,610				$444,180
Land		41,480
Buildings (net)		74,510
Equipment (net)		71,450
Trademarks		11,320
		$444,180

The recorded amounts all approximate current values except for land (fair value of $80,390), inventory (fair value of $126,900), and trademarks (fair value of $16,176).

1. Prepare the July 1 entry for Brigham Corporation to record the purchase.

2.Prepare the December 31 entry for Brigham Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,600