On July 1, 2017, Sheffield Corporation purchased the net assets of Soorya Company by paying $426,000 cash and issuing a $52,300 note payable to Soorya Company. At July 1, 2017, the statement of financial position of Soorya Company was as follows: Cash $74,300 Accounts receivable Inventory 118,000 98,800 Total Accounts payable Soorya, capital $315,500 231,000 $546,500 Land 51,100 Buildings (net) 74,300 Equipment (net) 80,100 49,900 $546,500 Trademarks (net) Total The recorded amounts all approximate current values except for land (worth $58,500), inventory (worth $138,900), and trademarks (worthless). The receivables are shown net of an allowance for doubtful accounts of $11,000. The amounts for buildings, equipment, and trademarks are shown net of accumulated amortization of $22,000, $24,000, and $50,000, respectively, Prepare the July 1, 2017 entry for Sheffield Corporation to record the purchase. (Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation July 1, 2017 Debit Credit > > > > > > > > >