Exercise 12-13 On July 1, 2014, Brigham Corporation purchased Young Company by paying $260,590 cash and issuing a $151,900 note payable to Steve Young. At July 1, 2014, the balance sheet of Young Company was as follows. Cash $50,400 Accounts payable $204,830 Accounts receivable 91,760 Stockholders equity 239,170 Inventory 103,520 $444,000 Land 40,700 Buildings (net) 75,230 Equipment (net) 70,860 Trademarks 11,530 $444,000 The recorded amounts all approximate current values except for land (fair value of $80,670), inventory (fair value of $125,100), and trademarks (fair value of $16,424). Prepare the July 1 entry for Brigham Corporation to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)