PLEASE FILL OUT ALL THE SPACES, THANK YOU

On July 1, 2020, Novak Corporation purchased Young Company by paying $260,300 cash and issuing a $128,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash Accounts receivable $50,900 91,500 108,000 Accounts payable Stockholders' equity $202,000 245,400 $447,400 Inventory Land Buildings (net) Equipment (net) Trademarks 40,000 74,800 70,500 11,700 $447,400 The recorded amounts all approximate current values except for land (fair value of $62,300), inventory (fair value of $125,100), and trademarks (fair value of $17,520). Prepare the July 1 entry for Novak 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 O for the amounts.) Account Titles and Explanation Debit Credit Prepare the December 31 entry for Novak Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $3,800. (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