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Exercise 12-12 (Part Level Submission) On July 1, 2017, Blue Corporation purchased Young Company by...

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Exercise 12-12 (Part Level Submission) On July 1, 2017, Blue Corporation purchased Young Company by paying $258,200 cash and issuing a $146,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows. Cash $51,400 Accounts payable Accounts receivable 90,500 Stockholders' equity $205,000 244,900 $449,900 Inventory 109,000 Land Buildings (net) Equipment (net) 41,100 74,600 71,500 11,800 Trademarks $449,900 The recorded amounts all approximate current values except for land (fair value of $62,200), inventory (fair value of $127,800), and trademarks (fair value of $15,120). (a) Prepare the July 1 entry for Blue 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 o for the amounts.) Account Titles and Explanation Debit Credit

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