Sp.18 ACCO 211-90 / Chapter 12 Exercise 12-12 On July 1, 2017, Bramble Corporation purchased Young Company by paying $251,000 cash and issuing a $106,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows. $50,500 Accounts payable $202,000 Stockholders' equity Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks 91,800S 106,000 41,900 75,800 69,500 446,900 $446,900 The recorded amounts all appreximate current values except for land (fair value of $64,900), inventory (air value of $127,500), and trademarks (fair value of $16,560) Prepare the July 1 entry for Bramble Corporation to record the purchase. (Credit account titles is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation are automatically indented when amount is entered. Do not indent manually. If no entry Debit Credit Prepare the December 31 entry for Bramble Corporation to record amortization of intangibles. The trademark has an estimated usefull life of 4 years with a residual value of $4,040. (Credit account titles are automatically indented when amount is entered. Do not indent manualy, Ir o entry is required, select "No Entry" for the account tities and enter 0 for the amounts.) Account Titles and Explanation Question Attempts: 0 of 3 used