Exercise 12-12 (Part Level Submission) On July 1, 2017, Sheffield Corporation purchased Young Company by paying $260,600 cash and issuing a $105,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows. Cash $50,800 Accounts payable $204,000 Accounts receivable 90,800 Stockholders equity 244,400 Inventory 109,000 $448,400 Land 40,100 Buildings (net) 76,500 Equipment (net) 69,800 Trademarks 11,400 $448,400 The recorded amounts all approximate current values except for land (fair value of $64,200), inventory (fair value of $125,700), and trademarks (fair value of $16,320). Collapse question part (a) Partially correct answer. Your answer is partially correct. Try again. Prepare the July 1 entry for Sheffield 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.)

Exercise 12-12 (Part Level Submission) On July 1, 2017, Sheffield Corporation purchased Young Company by paying $260,600 cash and issuing a $105,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows. Cash Accounts payable $204,000 $50,800 90,800 Accounts receivable Stockholders' equity 244,400 Inventory 109,000 $448,400 Land Buildings (net) Equipment (net) Trademarks 40,100 76,500 69,800 11,400 $448,400 The recorded amounts all approximate current values except for land (fair value of $64,200), inventory (fair value of $125,700), and trademarks (fair value of $16,320). (a) Your answer is partially correct. Try again. Prepare the July 1 entry for Sheffield Corporation to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is Prepare the July 1 entry for Sheffield Corporation to record the purchase. (Credit accou required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit