On July 1, 2017, Sheffield Corporation purchased Young Company by paying $260,600 cash and issuing a $105,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows. Cash Accounts receivable Inventory Land $50,800 90,800 109,000 40,100 76,500 69,800 11,400 $448,400 Accounts payable $204,000 Stockholders' equity 244,400 $448,400 Buildings (net) Equipment (net) Trademarks The recorded amounts all approximate current values except for land (fair value of $64,200), inventory (fair value of $125,700), and trademarks (fair value of $16,320). Prepare the July 1 entry for Sheffield 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 O for the amounts.) Credit Debit Account Titles and Explanation Prepare the December 31 entry for Sheffield Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,400. (Credit account tities 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 O for the amounts.) Credit Debit Account Titles and Explanation Question Attempts: O of 3 used