On July 1, 2020, Concord Corporation purchased Young Company by paying $258,200 cash and issuing a $141,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,600 Accounts payable $207,000 Accounts receivable 91,800 Stockholders' equity 244,600 Inventory 109,000 $451,600 Land 41,700 Buildings (net) 75,600 Equipment (net) 70,900 Trademarks 12.000 $451,600 The recorded amounts all approximate current values except for land (fair value of $60,500), inventory (fair value of $126,400), and trademarks (fair value of $17,360). Prepare the July 1 entry for Concord 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.)