Practice Exercise 12-4 On July 1, 2017, Novak Corporation purchased Wildhorse Company by paying $225,000 cash and issuing balance sheet of Wildhorse Company was as follows. $168,750 note payable to Jay Wildhorse. At July 1, 2017, the Cash $22,900 Accounts payable $220,700 Accounts receivable Stockholders' equity 215,400 90,300 $436,100 Inventory 126,500 30,300 Land Buildings (net) 72,100 Equipment (net) 75,500 18,500 Trademarks $436,100 The recorded amounts all approximate current values except for land (fair value of $58,500), inventory (fair value of $132,300), and trademarks (fair value of $23,410) 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 0 for the amounts.) Credit Account Titles and Explanation Debit residua value of Prepare the December 31 entry for Novak Corporation to record amortization of intangibles. The trademark has an estimated useful life of 8 years with $1,010. (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 Open Show Work Click if you would like to Show Work for this