Question 1 of 22 - / 32.8 E View Policies Current Attempt in Progress On July 1, 2020, Novak Corporation purchased Johnson Company by paying $183,900 cash and issuing a $64,400 note payable to Steve Johnson. At July 1, 2020, the balance sheet of Johnson Company was as follows. Cash $39,100 Accounts payable $164,000 Accounts Receivable 65,400 Stockholders' equity 159.000 Inventory 74,100 $323,000 Land 29,600 Buildings (net) 55,900 Equipment (net) 51,500 Copyrights 7,400 $323,000 The recorded amounts all approximate current fair values except for land (worth $45,500), inventory (worth $95,700), and copyrights (worth $11,400). Prepare the December 31 entry for Novak Corporation to record amortization of intangibles. The copyrights have an estimated remaining useful life of 4 years with a residual value of $2,400. (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 Ofor the amounts.) Account Titles and Explanation Debit Credit List of Accounts Save for Later Attempts: 0 of 1 used Submit