On July 1, 2020, Flounder Corporation purchased Young Company by paying $261,000 cash and issuing a $143,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows.

Cash		$50,000		Accounts payable		$208,000
Accounts receivable		91,000		Stockholders equity		238,700
Inventory		108,000				$446,700
Land		41,100
Buildings (net)		74,800
Equipment (net)		70,500
Trademarks		11,300
		$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
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

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List of Accounts

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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount