On July 1, 2017,ConcordCorporation purchased Young Company by paying $252,200cash and issuing a $140,000note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows.

Cash $50,600

Accounts payable $206,000

Accounts receivable 91,000

Stockholders' equity 239,600

Inventory 104,000

=================

$445,600

Land 41,900

Buildings (net) 75,700

Equipment (net) 71,400

Trademarks 11,000

=======================

$445,600

The recorded amounts all approximate current values except for land (fair value of $63,600), inventory (fair value of $124,800), and trademarks (fair value of $15,600).

Part 1

Prepare the July 1 entry forConcordCorporation 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

Cash 50600

Accounts Receivable 91000

Inventory 124800

Land 63600

Buildings 75700

Equipment 71400

Trademarks 15600

Goodwill ????

Acct Payable 206000

Notes Payable 140000

Cash 252200

Part 2

Prepare the December 31 entry forConcordCorporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,960.(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

Amortization expense ?????

Trademarks ??????????