On July 1, 2017, Monty Corporation purchased Young Company by paying $253,100 cash and issuing a $130,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows. Cash $51,500 Accounts payable $206,000 Accounts receivable 91,000 Stockholders equity 235,900 Inventory 102,000 $441,900 Land 41,100 Buildings (net) 74,600 Equipment (net) 70,000 Trademarks 11,700 $441,900 The recorded amounts all approximate current values except for land (fair value of $63,800), inventory (fair value of $127,700), and trademarks (fair value of $16,320) Prepare the December 31 entry for Monty Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,280.