On July 1, 2020, Flounder Corporation purchased Young Company by paying $261,000 cash and issuing a $143,000 note payable 1,2020, the balance sheet of Young Company was as follows. Steve Young. At July $50,000 Accounts payable $208,000 Cash Stockholders' equity Accounts receivable 91,000 238,700 $446,700 Inventory 108,000 Land 41,100 Buildings (net) 74,800 Equipment (net) 70,500 11,300 Trademarks $446,700 The recorded amounts all approximate current values except for land (fair value of $62,600), inventory (fair value of $125,800), and trademarks (fair value of $17,600) Prepare the July 1 entry for Flounder 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 0 for the amounts.) Account Titles and Explanation Debit Credit Prepare the December 31 entry for Flounder Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,640. (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