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Question - On July 1, 2017, Indigo Corporation purchased Young Company by paying $256,500 cash and issuing a $149,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows.
Cash
$51,500
Accounts payable
$207,000
Accounts receivable
91,500
Stockholders' equity
236,200
Inventory
103,000
$443,200
Land
40,300
Buildings (net)
75,300
Equipment (net)
70,300
Trademarks
11,300
The recorded amounts all approximate current values except for land (fair value of $63,700), inventory (fair value of $125,500), and trademarks (fair value of $15,200).
Prepare the July 1 entry for Indigo Corporation to record the purchase.
Prepare the December 31 entry for Indigo Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $3,280.
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