Question 5 (10 points) On July 1, 2010, Brandon Corporation purchased Mills Company by paying $250,000 cash and issuing a $150,000 note payable. At July 1, 2010, the balance sheet of Mills Company was as follows: Cash 50,000 Receivables 90,000 Inventory 100,000 40,000 Buildings (net) 75,000o Equipment (net) 70,000 Trademarks -10.000 435,000 Accounts payable Stockholders' Equity $200,000 235,.000 435,000 Land The recorded amounts approximate current values except for land (fair value of $80,000) inventory (fair value of $125,000), trademarks (fair value $15,000). equired: (a) Prepare the July 1 entry for Brandon Corporation to record the purchase. (b) Prepare the December 31 entry for Brandon Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years and a residual value of $3,000