On July 1, 2017, Novak Corporation purchased Young Company by paying $251,100 cash and issuing a $133,000 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 $50,800 91,700 109,000 40,200 75,100 70,000 11,900 $448,700 Accounts payable Stockholders' equity $206,000 242,700 $448,700 The recorded amounts all approximate current values except for land (fair value of $62,500), inventory (fair value of $125,700), and trademarks (fair value of $15,600) Your answer is partially correct. Try again. Prepare the July 1 entry for Novak 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.)