On July 1, 2017, Riverbed Corporation purchased Young Company by paying $254,500 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 Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks $50,400 90,200 102,000 40,700 76,200 71,300 11,600 $442,400 $208,000 equity 234,400 $442,400 Accounts payable The recorded amounts all approximate current values except for land (fair value of $62,800), inventory (fair value of $124,000), and trademarks (fair value of $15,520 Prepare the July 1 entry for Riverbed 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 Riverbed Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $3,080. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the amounts.) account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work