Prepare the December 31 entry for Grouper Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $3.520. (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 for the amounts.) Account Tities and Explanation Debit Credit 1 On July 1, 2020, Grouper Corporation purchased Young Company by paying $253,500 cash and issuing a $139,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $208,000 $50,900. Accounts payable 90,600 Stockholders' equity Accounts receivable 243,400 Inventory 110,000 $451.400 Land 41.800 Buildings (net) 75,700 Equipment (net) 71,400 Trademarks 11.000 $451,400 The recorded amounts all approximate current values except for land (fair value of $64.300), inventory fair value of $127.000), and trademarks (fair value of $16,880)