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