On July 1, 2017, Blue Corporation purchased Young Company by paying $255,800 cash and issuing a $135,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows.

Cash		$50,100		Accounts payable		$208,000
Accounts receivable		91,100		Stockholders equity		237,500
Inventory		104,000				$445,500
Land		41,600
Buildings (net)		76,500
Equipment (net)		70,500
Trademarks		11,700
		$445,500

The recorded amounts all approximate current values except for land (fair value of $64,000), inventory (fair value of $126,200), and trademarks (fair value of $16,160).

Prepare the July 1 entry for Blue 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.)