On July 1, 2017, Blue Corporation purchased Young Company by paying $258,200 cash and issuing a $146,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows.

Cash		$51,400		Accounts payable		$205,000
Accounts receivable		90,500		Stockholders equity		244,900
Inventory		109,000				$449,900
Land		41,100
Buildings (net)		74,600
Equipment (net)		71,500
Trademarks		11,800
		$449,900

The recorded amounts all approximate current values except for land (fair value of $62,200), inventory (fair value of $127,800), and trademarks (fair value of $15,120).

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.)

Prepare the December 31 entry for Blue Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $3,840. (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.)