Current Attempt in Progress On July 1, 2020, Flounder Corporation purchased Young Company by paying $261,000 cash and issuing a $143,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,000 Accounts payable $208,000 Accounts receivable 91,000 Stockholders' equity 238,700 Inventory 108,000 $446,700 Land 41,100 Buildings (net) 74,800 Equipment (net) 70,500 Trademarks 11,300. $446,700 The recorded amounts all approximate current values except for land (fair value of $62,600), inventory (fair value of $125,800), and trademarks (fair value of $17,600). (a) Prepare the July 1 entry for Flounder 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