On July 1, 2017, Marigold Corporation purchased Young Company by paying $256,600 cash and issuing a $115,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows.

Cash		$50,200		Accounts payable		$208,000
Accounts receivable		90,000		Stockholders equity		237,900
Inventory		106,000				$445,900
Land		41,300
Buildings (net)		75,900
Equipment (net)		70,500
Trademarks		12,000
		$445,900

The recorded amounts all approximate current values except for land (fair value of $61,400), inventory (fair value of $125,800), and trademarks (fair value of $16,160).

Prepare the July 1 entry for Marigold Corporation to record the purchase

Prepare the December 31 entry for Marigold Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,280.