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 Accounts payable Stockholders' equity Accounts receivable $208,000 143,400 90,600 Inventory 110,000 $451,400 Land 41.800 75,700 Buildings (net) Equipment (net) 71,400 Trademarks 11.000 $451,400 The recorded amounts all approximate current values except for land (fair value of $64.300). inventory (fair value of $127 000), and trademarks (fair value of 516,880). 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 for the amounts) Account Titles and Explanation Debit Credit