On July 1, 2020, Blue Corporation purchased Young Company by paying $251,500 cash and issuing a $130,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,400 Accounts payable $206,000 Accounts receivable 90,300 Stockholders' equity 236,000 $442,000 Inventory 105,000 Land 40,700 Buildings (net) 74,500 Equipment (net) 69,800 Trademarks 11,300 $442,000 The recorded amounts all approximate current values except for land (fair value of $60,200), inventory (fair value of $128,000), and trademarks (fair value of $17,520). 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 Of the amounts.) Account Titles and Explanation Debit Credit Cash 50.400 Accounts Receivable 90,300 Inventory 128,000 Land 60.200 Buildings 74,500 Equipment 69,800 Trademarks 17,520 Goodwill 96,780 Accounts Payable 206,000 Cash 251,500 Notes Payable 130,000 eTextbook and Media List of Accounts - Your answer is partially correct. 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 $4,840. (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 Amortization Expense 3,170 Trademarks 3,170