Exercise 12-12 On July 1, 2017, Bramble Corporation purchased Young Company by paying S251,000 cash and issuing a $106,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows. $50,500 Accounts payable Cash $202,000 Accounts receivable 91,800 Stockholders' equity 244,900 $446,900 106,000 Inventory 41,900 Land 75,800 Buildings (net) Equipment (net) 69,500 11,400 Trademarks $446,900 The recorded amounts a approximate current values except for land (fair value of $64,900) inventory (fair value of $127,500 and trademarks (fair value of $16,560)