On July 1, 2017, Blue Corporation purchased Crane Company by paying $225,000 cash and issuing a $168,750 note payable to Jay Crane. At July 1, 2017, the balance sheet of Crane Company was as follows.

Cash		$26,700		Accounts payable		$219,500
Accounts receivable		89,700		Stockholders equity		219,200
Inventory		122,700				$438,700
Land		31,500
Buildings (net)		71,500
Equipment (net)		74,900
Trademarks		21,700
		$438,700

The recorded amounts all approximate current values except for land (fair value of $58,100), inventory (fair value of $131,500), and trademarks (fair value of $21,590).

Prepare the July 1 entry for Blue 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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit

Prepare the December 31 entry for Blue Corporation to record amortization of intangibles. The trademark has an estimated useful life of 8 years with a residual value of $790. (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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit