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PRINTER VERSION BACK NEXT Practice Exercise 12-4 (Part Level Submission) On July 1, 2017, Ayayal Corporation purchased Blossom Company by paying $175,000 cash and issuing

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PRINTER VERSION BACK NEXT Practice Exercise 12-4 (Part Level Submission) On July 1, 2017, Ayayal Corporation purchased Blossom Company by paying $175,000 cash and issuing a $131,250 note payable to Jay Blossom. At July 1, 2017, the balance sheet of Blossom Company was as follows. Accounts payable Stockholders' equity $217,500 200,000 $417,500 Cash Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks $22,500 87,500 122,500 27,500 67,500 72,500 17.500 3417,500 The recorded amounts all approximate current values except for land (fair value of $57,500). inventory fair value of $127,500), and trademarks (fair value of $19.950). (a) ZYour answer has been saved and sent for grading. See Gradebook for score details amount is entered. Do not inden manually. If me entry is Prepare the July 1 entry for Ayayal Corporation to record the purchase. (Credit account tiesa required, select "No Entry for the account titles and enter for the amounts.) Account Titles and explanation Inventory Accounts Receivable Land Buildings 127,500 87,500 57,500 67,500 72,500 22.500 19,950 68,800 Equipment Cash Trademarks Goodwill TER VERSION BACK NEXT Account Titles and Explanation Debit Credit Inventory 127,500 Accounts Receivable 87,500 Land 57,500 Buildings 67,500 Equipment 72,500 Cash 22.500 Trademarks 19,950 Goodwill 68,800 175,000 Accounts Payable 217,500 Notes Payable 131,250 Click if you would like to Show Work for this questioni Open Show Work Cash SHOW LIST OF ACCOUNTS Attempts: 1 of 1 used (b) Prepare the December 31 entry for Ayayal Corporation to record amortization of intangibles. The trademark has an estimated useful le of years with a residual value of $750 (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 Titles and Explanation Amortization Expense Trademarks

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