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		91,600		Stockholders equity		243,200
Inventory		107,000				$448,200
Land		41,600
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 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 0 for the amounts.)

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 for the amounts.) Account Titles and Explanation Debit Credit Amortization Expense 2790 Trademarks 2790