Exercise 12-12 (Part Level Submission) On July 1, 2017, Pronghorn Corporation purchased Young Company by paying $260,600 cash and issuing a $146,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows. Cash $50,100 Accounts payable $203,000 Accounts receivable 91,300 Stockholders equity 241,800 Inventory 103,000 $444,800 Land 41,900 Buildings (net) 76,100 Equipment (net) 70,600 Trademarks 11,800 $444,800 The recorded amounts all approximate current values except for land (fair value of $63,000), inventory (fair value of $127,800), and trademarks (fair value of $16,800). Collapse question part (a) Prepare the July 1 entry for Pronghorn 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