*Exercise 12-12 On July 1, 2017, Monty Corporation purchased Young Company by paying $253,100 cash and issuing a $130,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows. Cash $51,500 Accounts payable $206,000 Accounts receivable Stockholders' equity 235,900 91,000 $441,900 Inventory 102,000 41,100 Land 741600 Buildings (net) 70,000 Equipment (net) 11,700 Trademarks $441,900 The recorded amounts all approximate current values except for land (fair value of $63,800), inventory (fair value of $127,700), and trademarks (fair value of $16,320). Prepare the July 1 entry for Monty 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) Debit credit Account Titles and Explanation