On July 1, 2020, Bridgeport Corporation purchased Young Company by paying $251,800 cash and issuing a $129,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $51,500 Accounts payable $202,000 Accounts receivable 91,300 Stockholders' equity 240,800 $442,800 Inventory 100,000 Land 41,400 Buildings (net) 76,400 70,300 Equipment (net) Trademarks 11.900 $442,800 The recorded amounts all approximate current values except for land (fair value of $63.300), inventory (fair value of $124.500), and trademarks (fair value of $14.960). Prepare the July 1 entry for Bridgeport 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 Prepare the December 31 entry for Bridgeport Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,040. (Credit account titles are automatically indented when amount is entered. Do not Indsat manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit