On July 1, 2020, Culver Corporation purchased the net assets of Soorya Company by paying $431.000 cash and issuing a $50.600 note payable to Soorya Company, At July 1, 2020, the statement of financial position of Soorya Company was as follows: Cash $74.900 $310,900 Accounts payable Soorya, capital Accounts receivable 115.000 235,000 Inventory 98.700 Total $545.900 Land 51.000 74.900 Buildings (net) Equipment inet 83.100 Trademarks (net 48,300 Total $545.900 The recorded amounts all approadmate current values except for land (worth $60,500). inventory (worth $137.900), and trademarks (worthless). The recalvables are shown net of an allowance for doubtful accounts of $13,000. The amounts for buildings, equipment and trademarks are shown net of accumulated amortization of $14.000, 526,000, and $55.000, respectively. (a) Prepare the July 1 2020 entry for Culver 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 Cash Accounts Recevable No Entry Loison mpament Allowance for Doubtful Accounts Accumulated Impalment Losed-Trademark Geln Goodwie Notes Recevable Land Inventory Accounts Payable Accumulated Impalment Loses once Accumulated impairment Lone Goodwill Account Recevable Cash Bulldings Accumulated Impalment loss.Copyright Nos Pusle tan eTextbook and Media Save for a A