Only need help with part B On July 1, 2020, Sheffield Corporation purchased Young Company by paying $260,500 cash and issuing a $117,000 note payable toSteve Young. At July 1, 2020, the balance sheet of Young Company was as follows.Cash$51,800Accounts payable$202,000Accounts receivable89,900Stockholders' equity239,300Inventory103,000$441,300Land40,800Buildings (net)74,700Equipment (net)70,000Trademarks11,100$441,300The recorded amounts all approximate current values except for land (fair value of $63,200), inventory (fair value of $125,200), andtrademarks (fair value of $16,720).(a)Your answer is correct.Prepare the July 1 entry for Sheffield Corporation to record the purchase. (Credit account titles are automatically indented whenmount ic ontornd Donot indont manually Ifnantnie raauired.coloct "No Entr for the cccount titlecand onter O for the omounte%23 (b)Prepare the December 31 entry for Sheffield Corporation to record amortization of intangibles. The trademark has an estimateduseful life of 4 years with a residual value of $4,880. (Credit account titles are automatically indented when amount is entered. Do notindent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)Account Titles and ExplanationDebitCrediteTextbook and MediaList of Accounts

Given information, Trademarks at fair value =$16,720 Useful life =4 years Residual value =$4,880

On July 1, 2020, Sheffield Corporation purchased Young Company by paying $260,500 cash and issuing a $117,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $51,800 Accounts payable $202,000 Accounts receivable 89,900 Stockholders' equity 239,300 Inventory 103,000 $441,300 Land 40,800 Buildings (net) 74,700 Equipment (net) 70,000 Trademarks 11,100 $441,300 The recorded amounts all approximate current values except for land (fair value of $63,200), inventory (fair value of $125,200), and trademarks (fair value of $16,720).