* Exercise 12-20 (Part Level Submission) On July 1, 2017, Concord Corporation purchased the net assets of Soorya Company by paying $432,000 cash and issuing a $51,500 note payable to Soorya Company. At July 1, 2017, the statement of financial position of Soorya Company was as follows: $74,400 118,000 98,500 Accounts payable Soorya, capital $319,100 236,000 $555,100 Total Cash Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks (net) Total 51,200 74,400 88,900 49,700 $555,100 The recorded amounts all approximate current values except for land (worth $60,200), inventory (worth $138,200), and trademarks (worthless). The receivables are shown net of an allowance for doubtful accounts of $12,000. The amounts for buildings, equipment, and trademarks are shown net of accumulated amortization of $22,000, $31,000, and $47,000, respectively. *(a) Prepare the July 1, 2017 entry for Concord Corporation to record the purchase. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit July 1, 2017 V Attempts: 0 of 3 used