(b)Prepare the December 31 entry for Pronghorn Corporation to record amortization of intangibles. The trademark has anestimated useful life of 4 years with a residual value of $4,920. (Credit account titles are automatically indented when amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entrbefore credit entry.)Account Titles and ExplanationeTextbook and MediaDebitAttempts: 1 of 3 useCredit View PoliciesShow Attempt HistoryCurrent Attempt in ProgressOn July 1, 2025, Pronghorn Corporation purchased Young Company by paying $252,100 cash and issuing a $146,000 note payable toSteve Young. At July 1, 2025, the balance sheet of Young Company was as follows.CashAccounts receivableInventoryLandBuildings (net)Equipment (net)Trademarks$50,90091,600107,00041,60075,60069,90011,600$448,200Accounts payableStockholders' equity$205,000243,200$448,200The recorded amounts all approximate current values except for land (fair value of $60,100), inventory (fair value of $124,500), andtrademarks (fair value of $16,080).

Journal entry is the primary reporting of the business transactions in the books. These entries are…

On July 1, 2025, Pronghorn Corporation purchased Young Company by paying $252,100 cash and issuing a $146,000 note payable to Steve Young. At July 1, 2025, the balance sheet of Young Company was as follows. Cash Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks $50,900 91,600 107,000 41,600 75,600 69,900 11,600 $448,200 Accounts payable Stockholders' equity $205,000 243,200 $448,200 The recorded amounts all approximate current values except for land (fair value of $60,100), inventory (fair value of $124,500), and trademarks (fair value of $16,080).

On July 1, 2025, Pronghorn Corporation purchased Young Company by paying $252,100 cash and issuing a $146,000 note payable to Steve Young. At July 1, 2025, the balance sheet of Young Company was as follows. Cash Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks $50,900 91,600 107,000 41,600 75,600 69,900 11,600 $448,200 Accounts payable Stockholders' equity $205,000 243,200 $448,200 The recorded amounts all approximate current values except for land (fair value of $60,100), inventory (fair value of $124,500), and trademarks (fair value of $16,080).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

100%

(b)
Prepare the December 31 entry for Pronghorn Corporation to record amortization of intangibles. The trademark has an
estimated useful life of 4 years with a residual value of $4,920. (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 O for the amounts. List debit entr
before credit entry.)
Account Titles and Explanation
eTextbook and Media
Debit
Attempts: 1 of 3 use
Credit

View Policies
Show Attempt History
Current Attempt in Progress
On July 1, 2025, Pronghorn Corporation purchased Young Company by paying $252,100 cash and issuing a $146,000 note payable to
Steve Young. At July 1, 2025, the balance sheet of Young Company was as follows.
Cash
Accounts receivable
Inventory
Land
Buildings (net)
Equipment (net)
Trademarks
$50,900
91,600
107,000
41,600
75,600
69,900
11,600
$448,200
Accounts payable
Stockholders' equity
$205,000
243,200
$448,200
The recorded amounts all approximate current values except for land (fair value of $60,100), inventory (fair value of $124,500), and
trademarks (fair value of $16,080).

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Please Introduction and explanation please sir urgently answer please without plagiarism please
On July 1, 2020, Brigham Corporation purchased Young Company by paying $250,000 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2017, 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). Instructions a. Prepare the July 1 entry for Brigham Corporation to record the purchase. 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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