On July 1, 2020, \$arasota Corporation purchased Young Company by piying $256,100 cash and issuing a $124,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. The recorded amounts all approsimate current values except for land (fair value of 563,7000 , ifventory (fair value of 5125,800), and trademarks (fair value of $15,440. Prepare the July 1 entry for Sarasota Corporation to record the purchase. (Credit account title are automatically indented when amount is entered. Do not indent manually. If no entry is requirnd, select "No Entry" for the account tities and enter O for the anounts. Prepare the July 1 entry for Sarasota Corporation to record the purchase. (Credit account titles are outomatically 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) Prepare the December 31 entry for Sarasota Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,240. (Credit occount tities are automotically 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.)