QUESIIOI'] A OT 4 ' ? -/ lU :: View Policies Current Attempt in Progress On July 1, 2025, Pina Corporation purchased Young Company by paying $255,400 cash and issuing a $138,000 note payable to Steve Young. At July 1, 2025, the balance sheet of Young Company was as follows. Cash $50,800 Accounts payable $208,000 Accounts receivable 92,000 Stockholders' equity 239,200 Inventory 107,000 $447,200 Land 40,100 Buildings (net) 75,000 Equipment (net) 71,300 Trademarks 11,000 $447,200 The recorded amounts all approximate current values except for land (fair value of $60,600), inventory (fair value of $126,800), and trademarks (fair value of $ 16,400). (a) Prepare the July 1 entry for Pina 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 titles and enter 0 for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit QUESIIOI'] A OT 4 ' ? -/ lU :: View Policies Current Attempt in Progress On July 1, 2025, Pina Corporation purchased Young Company by paying $255,400 cash and issuing a $138,000 note payable to Steve Young. At July 1, 2025, the balance sheet of Young Company was as follows. Cash $50,800 Accounts payable $208,000 Accounts receivable 92,000 Stockholders' equity 239,200 Inventory 107,000 $447,200 Land 40,100 Buildings (net) 75,000 Equipment (net) 71,300 Trademarks 11,000 $447,200 The recorded amounts all approximate current values except for land (fair value of $60,600), inventory (fair value of $126,800), and trademarks (fair value of $ 16,400). (a) Prepare the July 1 entry for Pina 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 titles and enter 0 for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit b) Prepare the December 31 entry for Pina Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $3,720. (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 0 for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: Oct 15 used