Exercise 12-12 On July 1. 2017. Cheyenne Corporation purchased Voung Company by paying s257,000 cash and issuing a s127.000 note payable to Steve Young. At July 1.2017, the balance sheet of Young Company was as follows. $51,400 Accounts payable $204,000 Accounts receivable 91,100 Stockholders' equity 242.100 105,000 $446,100 Land 41,600 Buildings (net) 74,900 Equipment (net) 70,700 Trademarks 11,400 S44 The recorded amounts alapproximate current values except for land (fair value of $60,400), inventory (fair value of $126 100) and trademarks (fair value of $16,160 Kyi entry for Cheyenne Corporation to record the purchase. (credit account titles are automatically indented when amount is entered. Do not indent manual Prepare the lly. If no entry is required, select "No Entry"for the account titles and enter 0 for the amounts. Account Titles and Explanation