Question 14 --/1 View Policies Current Attempt in Progress On July 1, 2020, Indigo Corporation purchased Young Company by paying $254,800 cash and issuing a $120,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,000 Accounts payable $205,000 Accounts receivable 89,700 Stockholders' equity 237,200 Inventory 105,000 $442,200 Land 41,100 Buildings (net) 75,100 Equipment (net) 69,600 Trademarks 11,700 $442,200 The recorded amounts all approximate current values except for land (fair value of $61,200), inventory (fair value of $125,200), and trademarks (fair value of $15,360). Prepare the July 1 entry for Indigo Corporation to record the purchase. (Credit account titles are automatically indent when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles a enter o for the amounts.) Account Titles and Explanation Debit Credit Prepare the December 31 entry for Indigo Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,320. (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 Debit Credit