On July 1, 2020, Blue Corporation purchased Young Company by paying $257,700 cash and issuing a $123,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows Cash $50,800 Accounts receivable Accounts payable Stockholders' equity 89.900 $204,000 235,800 $439,800 Inventory 102.000 Land 40,200 Buildings (net) 75,000 Equipment (net) 70,300 Trademarks 11,600 $439,800 The recorded amounts all approximate current values except for land (fair value of 563.1001, inventory fair value of $125.300), and trademarks (fair value of $15.280). (a) Prepare the July 1 entry for Blue 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 for the amounts) Account Titles and Explanation Debit Credit (b). Prepare the December 31 entry for Blue Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,680. (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 for the amounts:) Account Titles and Explanation Debit Credit