On July 1, 2020, Grouper Corporation purchased Young Company by paying $253,500 cash and issuing a $139,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,900 $208,000 Accounts payable Stockholders' equity 90,600 243,400 Accounts receivable Inventory 110,000 $451,400 Land 41,800 75,700 Buildings (net) Equipment (net) Trademarks 71,400 11,000 $451,400 Prepare the July 1 entry for Grouper 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.) Account Titles and Explanation Debit Credit Cash 50900 Accounts Receivable 90600 Inventory 110000 Land 41800 Buildings 75500 Equipment 71400 Trademarks 11000 Accounts Payable 208000