On July 1, 2017, Cheyenne Corporation purchased Oriole Company by paying $185,000 cash and issuing a $138,750 note payable to Jay Oriole. At July 1, 2017, the balance sheet of Oriole Company was as follows.

Cash		$27,100		Accounts payable		$221,900
Accounts receivable		90,100		Stockholders equity		218,600
Inventory		125,500				$440,500
Land		31,500
Buildings (net)		71,100
Equipment (net)		74,900
Trademarks		20,300
		$440,500

The recorded amounts all approximate current values except for land (fair value of $57,700), inventory (fair value of $129,100), and trademarks (fair value of $20,290).

(a)

Prepare the July 1 entry for Cheyenne 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