Exercise 12-12 On July 1, 2017, Flint Corporation purchased Young Company by paying $258,000 cash and issuing a $101,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows. $50,300 91,500 100,000 41,900 75,700 71,100 11,100 $441,600 Accounts payable $207,000 Stockholders' equity 234,600 $441,600 Cash Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks The recorded amounts all approximate current values except for land (fair value of $60,800), inventory (fair value of $125,900), and trademarks (fair value of $17,520) Prepare the July 1 entry for Flint 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 0 for the amounts.) Account Titles and Explanation Debit Credit