On July 1,2017, Indigo Corporation purchased Young Company by paying $256,500 cash and issuing a $149,000 note payable to Steve Young. At July 1,2017, the balance sheet of Young Company was as follows. $51,500 Accounts payable $207,000 Cash Accounts receivable 91,500 Stockholders'equity 236,200 Inventory Land Buildings (net) Equipment (net) Trademarks $443,200 103,000 40,300 75,300 70,300 11,300 $443,200 The recorded amounts all approximate current values except for land (fair value of $63,700), inventory (fair value of $125,500), and trademarks (fair value of $15,200). Your answer is partially correct Prepare the December 31 entry for Indigo Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $3,280. (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 Amortization Expense 2,005 Trademarks 2,005 List of Accounts