On July 1, 2020, Ayayai Corporation purchased the net assets of Soorya Company by paying $ 416,000 cash and issuing a $ 45,100 note payable to Soorya Company. At July 1, 2020, the statement of financial position of Soorya Company was as follows: Cash $74,000 $ 310,100 Accounts payable Soorya, capital Accounts receivable 101.000 231,000 Inventory 96,000 Total $ 541,100 Land 49.000 Buildings (net) 74,000 Equipment (net) 99.100 Trademarks (net) 48,000 Total $ 541,100 The recorded amounts all approximate current values except for land (worth $ 58,000). Inventory (worth $ 120.000), 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 $ 13,000, $ 22.000 and $ 46,000, respectively, Prepare the July 1, 2020 entry for Ayayai Corporation to record the purchase. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1, 2020 Accounts Receivable 101000 Inventory 120000 Land 58000 Buildings 74000 Equipment 99100 No Entry 0 Goodwill 305900 Accounts Payable 310100 Cash 416000 Equipment 99100 No Entry 0 Goodwill 305900 Accounts Payable 310100 Cash 416000 Notes Payable 45100