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 $50,800 Accounts payable $204,000 Accounts receivable 90,800 Stockholders equity 244,400 Inventory 109,000 $448,400 Land 40,100 Buildings (net) 76,500 Equipment (net) 69,800 Trademarks 11,400 $448,400 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 0 for the amounts.) 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 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.)