On July 1, 2017, Martinez Corporation purchased Young Company by paying $258,900 cash and issuing a $122,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows. Accounts payable Stockholders' equity $206,000 244,900 $450,900 Cash Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks $50,600 91,300 109,000 41,900 76,400 70,000 11,700 $450,900 The recorded amounts all approximate current values except for land (fair value of $64,900), inventory (fair value of $125,500), and trademarks (fair value of $15,600). Prepare the July 1 entry for Martinez 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 o for the amounts.) Account Titles and Explanation Debit Credit HHH