On July 1, Year 1, Aidan Corporation purchased Johnson Company by paying $187,500 cash and issuing a $65,000 note payable to Steve Johnson. At July 1 , Year 1 , the balance sheet of Johnson Company was as follows: The recorded amounts all approximate current values except for land (worth $45,000 ), inventory (worth $93,750 ), and copyrights (worth $11,250 ). Instructions (a) Prepare the July 1 entry for Aidan Corporation to record the purchase. (b) Prepare the December 31 entry for Aidan Corporation to record amortization of intangibles. The copyrights have an estimated useful life of 4 years with a residual value of $2,450