Fxercise 12-20 (Part Level Submission) On July 1, 2017, Sarasota Corporation purchased the net assets of Soorya Company by paying $435,000 cash and issuing a $50,900 note payable to Soorya Company. At July 1, 2017, the statement of financial position of Soorya Company was as follows $75,800 Acconts payable $317000 Accounts receivable 106,00D Soorya, capital 96,000 Total $549,900 Bulldings (net) 75,800 Equipment (net)99,000 18,300 $519,900 Trademarks (nat) The recorded anou ts all approx mate current values except or land worth60,200 inventory worth trademarks are shawn net of accumulated amortization of $23,000, $32,000, and $56,000, respectively $127.200), and tra demarks worthless The receivables are shown net of an allowance for doub ful accounts of S12,000 The amounts or buildings equipment, and (a) Prepare the u 2017 entry for Sat asuka Corporation to record the purchase. Credit dccount titles dre dutorldtically indented when the dmount is entered. Do not ind ert mdnudll . I no en ry is reu ured select 'No entry for the dccount titles dm enter 0 for the amounts) Date Account Titles and Explanation Debit Credit uly 1, 2017