Exercise 12-12-Internet Explorer Edt View Favorites Tools Help Jdy 1, 2017, Cheyenne Corporation purchased Young Company by paying $257,000 cash and issuing a $127,000 noke payable to Steve Young. At July 1, 17, the balance sheet of Young Company was as follows 51,400Accounts payable $204,000 ccounts recoivable 9,100 Stockholders equty 242,100 nventory 5446,100 41,600 74,900 Baldngs tnet) Equipmant (net) 11,400 al approximate ourrest values except for land (fair value of $60,400), inventory air value of $126,100), and trademarks (fair value of 316,180). Prepare tho July 1 entry for Cheyenne Corporation ta record the purchase Do net indent manually. Il no entry is requniresd, select "No Entry" lor the account titles and enter O for the amounts) (Credit account titios are automatically indented when amount is entered. Account Tities and Explanation Debit Credit