Question 4 0/12 View Policies Show Attempt History Current Attempt in Progress On July 1, 2020, Bramble Corporation purchased Young Company by paying $252,000 cash and issuing a $107,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,600 Accounts payable $203,000 Accounts receivable 90,500 Stockholders' equity 238,700 Inventory 101,000 $441,700 Land 41,700 Buildings (net) 75,400 Equipment (net) 71,100 Trademarks 11,400 $441,700 The recorded amounts all approximate current values except for land (fair value of $62,500), inventory (fair value of $126,900), and trademarks (fair value of $16,480). Prepare the July 1 entry for Bramble 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 O for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media Solution Assistance Used Goodwill = $359,000 - [$238,700 + $20,800 + $25,900 + $5,080] = $68,520 Note that the building and equipment would be recorded at the 7/1/20 cost to Bramble; accumulated depreciation accounts would not be recorded. List of Accounts Attempts: 3 of 3 used Question Part Score 0/6 b) Prepare the December 31 entry for Bramble Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $3,160. (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 O for the amounts.) Account Titles and Explanation Debit Credit