On July 1, 2017, Monty Corporation purchased Sandhill Company by paying $205,000 cash and issuing a $153,750 note payable to Jay Sandhill. At July 1,2017, the balance sheet of Sandhill Company was as follows. $26,100 Accounts payable $220,700 Cash Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks 90,100 126,900 28,300 72,300 76,100 21,700 $441,500 Stockholders' equity_220,800 $441,500 The recorded amounts all approximate current values except for land (fair value of $61,300), inventory (fair value of $127,700), and trademarks (fair value of $23,630). Prepare the July 1 entry for Monty 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 eTextbook and Media List of Accounts