On July 1, 2019, Wang Corporation purchased the net assets of Smith Company by paying $415,000 cash and issuing a $50,000 note payable to Smith Company. At July 1, 2019, the statement of financial position of Smith Company was as follows: Cash $ 75,000 Accounts payable $300,000 Accounts receivable 102,000 Smith, capital 239,000 Inventory 98,000 $539,000 Land Buildings (net) Equipment (net) 50,000 75,000 90,000 Trademarks (net) 49,000 $539,000 The recorded amounts all approximate current values except for land (worth $60,000), inventory (worth $125,000), and trademarks (worthless). The receivables are shown net of an allowance for doubtful accounts of $12,000. The amounts for buildings, equipment, and trademarks are shown net of accumulated amortization of $14,000, $23,000, and $47,000, respectively. Required Prepare the July 1, 2019 entry for Wang Corporation to record the purchase