*Practice Exercise 12-4 On July 1, 2017, Concord Corporation purchased Sheridan Company by paying $193,000 cash and issuing a $144,750 note payable to Jay Sheridan. At July 1, 2017, the balance sheet of Sheridan Company was as follows. Cash Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks $220,300 90,100 Stockholders' equity 210,400 $430,700 $23,100 Accounts payable 124,900 30,500 70,300 74,100 17,700 $430,700 The recorded amounts all approximate current values except for land (fair value or $58,900), nventory (fair value of $127,700), and trademarks (fair value of $23,390) Prepare the July 1 entry for Concord 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 Prepare the December 31 entry for Concord Corporation to record amortization of intangibles. The trademark has an estimated useful life of 8 years with a residual value of $990. (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