Exercise 12-12 On July 1, 2020, Flint Corporation purchased Young Company by paying $257,900 cash and issuing a $138,000 note payable to Steve Young. At July Cash $50,100 91,600 Accounts receivable Inventory 104,000 Land 40,100 Buildings (net) 74,600 Equipment (net) Trademarks 71,500 11,900 $443,800 Accounts payable $208,000 Stockholders' equity 235,800 $443,800 The recorded amounts all approximate current values except for land (fair value of $63,800), inventory (fair value of $127,500), and trademarks (fain Prepare the July 1 entry for Flint Corporation to record the purchase. (Credit account titles are automatically indented when amount is entere "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit search II