On July 1, 2020, Pronghorn Corporation purchased Young Company by paying $252,100 cash and issuing a $146,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,900 Accounts payable $205,000 Accounts receivable Stockholders' equity 91,600 107,000 41,600 243,200 $448,200 Inventory Land Buildings (net) 75,600 Equipment (net) 69,900 Trademarks 11,600 $448,200 The recorded amounts all approximate current values except for land (fair value of $60,100), inventory (fair value of $124,500), and trademarks (fair value of $16,080). Prepare the July 1 entry for Pronghorn 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 Ofor the amounts.) Account Titles and Explanation Debit Credit Prepare the December 31 entry for Pronghorn Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,920. (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 List of Accounts