On July 1, 2017, Bridgeport Corporation purchased Ivanhoe Company by paying $ 183,000 cash and issuing a $ 137,250 note payable to Jay Ivanhoe. At July 1, 2017, the balance sheet of Ivanhoe Company was as follows.

Cash		$ 25,700		Accounts payable		$ 220,700
Accounts receivable		88,700		Stockholders equity		216,000
Inventory		123,500				$ 436,700
Land		32,500
Buildings (net)		71,500
Equipment (net)		75,900
Trademarks		18,900
		$ 436,700

The recorded amounts all approximate current values except for land (fair value of $ 58,300), inventory (fair value of $ 131,900), and trademarks (fair value of $ 26,790).

Prepare the July 1 entry for Bridgeport 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.)

Account Titles and Explanation	Debit	Credit
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