On July 1, 2020, Sheffield Corporation purchased Young Company by paying $260,500 cash and issuing a $117,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows.

Cash		$51,800		Accounts payable		$202,000
Accounts receivable		89,900		Stockholders equity		239,300
Inventory		103,000				$441,300
Land		40,800
Buildings (net)		74,700
Equipment (net)		70,000
Trademarks		11,100
		$441,300

The recorded amounts all approximate current values except for land (fair value of $63,200), inventory (fair value of $125,200), and trademarks (fair value of $16,720).

Prepare the July 1 entry for Sheffield 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
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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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Prepare the December 31 entry for Sheffield Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,880. (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