On July 1, 2017, Cheyenne Corporation purchased Young Company by paying $257,000 cash and issuing a $127,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows.

The recorded amounts all approximate current values except for land (fair value of $60,400), inventory (fair value of $126,100), and trademarks (fair value of $16,160).

Cash $51,400 Accounts payable $204,000 Accounts receivable 91,100 Stockholders' equity 242,100 $446,100 105,000 Inventory Land 41,600 Buildings (net) 74,900 Equipment (net) 70,700 Trademarks 11,400 $446,100