On July 1, 2020, Riverbed Corporation purchased Young Company by paying $256,900 cash and issuing a $132,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $51,400 Accounts payable $204,000 Accounts receivable 91,500 Stockholders equity 241,100 Inventory 105,000 $445,100 Land 40,400 Buildings (net) 75,300 Equipment (net) 69,500 Trademarks 12,000 $445,100 The recorded amounts all approximate current values except for land (fair value of $62,200), inventory (fair value of $126,400), and trademarks (fair value of $15,600). (a) Correct answer icon Your answer is correct. Prepare the July 1 entry for Riverbed 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 an account title enter a debit amount enter a debit amount enter a credit amount enter a credit amount enter an account title enter an account title enter a debit amount enter a debit amount enter a credit amount enter a credit amount enter an account title enter an account title enter a debit amount enter a debit amount enter a credit amount enter a credit amount enter an account title enter an account title enter a debit amount enter a debit amount enter a credit amount enter a credit amount enter an account title enter an account title enter a debit amount enter a debit amount enter a credit amount enter a credit amount enter an account title enter an account title enter a debit amount enter a debit amount enter a credit amount enter a credit amount enter an account title enter an account title enter a debit amount enter a debit amount enter a credit amount enter a credit amount enter an account title enter an account title enter a debit amount enter a debit amount enter a credit amount enter a credit amount enter an account title enter an account title enter a debit amount enter a debit amount enter a credit amount enter a credit amount enter an account title enter an account title enter a debit amount enter a debit amount enter a credit amount enter a credit amount enter an account title enter an account title enter a debit amount enter a debit amount enter a credit amount enter a credit amount eTextbook and Media List of Accounts Attempts: 1 of 3 used (b) Prepare the December 31 entry for Riverbed Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $3,320. (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 an account title enter a debit amount enter a debit amount enter a credit amount enter a credit amount enter an account title enter an account title