Exercise 12-12 On July 1, 2017, Grouper Corporation purchased Young Company by paying $259,700 cash and issuing a $149,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows Cash Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks $50,600 92,000 105,000 41,800 75,500 71,400 11,400 $447,700 Accounts payable $205,000 Stockholders' equity242,700 $447,700 The recorded amounts all approximate current values except for land (fair value of $64,500), inventory (fair value of $126,800), and trademarks (fair value of $17,280)