On July 1, 2020, Martinez Corporation purchased Young Company by paying $259,000 cash and issuing a $128,000 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 89,500 Stockholders equity 238,500 Inventory 105,000 $444,500 Land 41,500 Buildings (net) 75,300 Equipment (net) 70,900 Trademarks 11,900 $444,500 The recorded amounts all approximate current values except for land (fair value of $60,400), inventory (fair value of $126,100), and trademarks (fair value of $15,680).

Prepare the December 31 entry for Martinez Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,440.