Prepare the december 31 entry for brigham corporation to

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Reference no: EM13568533

Part A -On July 1, 2014, Brigham Corporation purchased Young Company by paying $250,000 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2014, the balance sheet of Young Company was as follows.

Cash	$50,000	Accounts payable	$200,000
Accounts receivable	90,000	Stockholders' equity	235,000
Inventory	100,000		$435,000
Land	40,000
Buildings (net)	75,000
Equipment (net)	70,000
Trademarks	10,000
	$435,000

The recorded amounts all approximate current values except for land (fair value of $60,000), inventory (fair value of $125,000), and trademarks (fair value of $15,000).

Prepare the July 1 entry for Brigham Corporation to record the purchase.

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Part B -Prepare the December 31 entry for Brigham Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $3,000.

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Reference no: EM13568533

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