On July 1,2020, Cheyenne Corporation purchased Young Company by paying $256,300 cash and issuing a $100,000 note payabl SteveYoung At July 1.2020, the balancesheet of Young Company was as follows. Therecorded amounts all approximate current values except for land (tate value of $63,400, inventory (fair value of $125,600, and trademarics (f air value of 516,000 ) Prepare the July 1 entry for Cheyenne Corporation to record the purchase. (Credit account tittes are automatically indented w. 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. Prepare the December 31 entry for Cheyenne Corporation to record amortization of intangibles. The trademark has an estima sto useful life of 4 years with a residual value of $3,920. (Credit occount fitles are outomotically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the omounts.)