Question 8 On July 1,2017, Monty Corporation purchased Young Company by paying $253,100 cash and issuing a $ 130,000 note payable to Steve Young. At July 1,2017, the balance sheet of Young Company was as follows. Cash $51,500 Accounts payable206,000 $441,900 Inventory Land Buildings (net) Equipment (net) Trademarks 102,000 41,100 74,600 70,000 11,700 $441,900 The recorded amounts all approximate current values except for land (fair value of $63,800), inventory (fair value of $ 127,700), and trademarks (fair value of $16,320) Prepare the July 1 entry for Monty 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 titdes and enter 0 for the amounts.) Account Titles and Explanation Debit Credit List of Accounts Prepare the December 31 entry for Monty Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,280. (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