On July 1, 2020, Cheyenne Corporation purchased Young Company by paying $256,300 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Accounts payable Stockholders' equity $205,000 242,900 $447,900 Cash Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks $50,100 89,900 109,000 40,200 76,000 70,900 11,800 $447,900 The recorded amounts all approximate current values except for land (fair value of $63,400), inventory (fair value of $125,600), and trademarks (fair value of $16,000). Prepare the July 1 entry for Cheyenne 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 o for the amounts.) Account Titles and Explanation Debit Credit oooooooooo List of Accounts Exercise 12-12 Accounts Payable Accounts Receivable Advertising Expense Amortization Expense Buildings Cash Computer Software Costs Copyrights Discount on Bonds Payable Equipment Franchises Goodwill Income Summary Intangible Assets Interest Expense Inventory Land Legal Fees Expense Loss on Impairment No Entry Notes Payable Organization Expense Paid-in Capital in Excess of Par - Common Stock Patents Patent Expense Prepaid Rent Recovery of Loss from Impairment Rent Expense Rent Receivable Rent Revenue Research and Development Expense Retained Earnings Trade Names Trademarks Prepare the December 31 entry for Cheyenne Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $3,920. (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 o for the amounts.) Account Titles and Explanation Debit Credit