On July 1, 2020, Sheffield Corporation purchased Young Company by paying $256,500 cash and issuing a $120,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $51,400 Accounts payable $205,000 Accounts receivable 89,500 Stockholders' equity 244,400 Inventory 109,000 $449,400 Land 40,200 Buildings (net) 76,500 Equipment (net) 71,400 Trademarks 11,400 $449,400 The recorded amounts all approximate current values except for land (fair value of $63,400), inventory (fair value of $125,300), and trademarks (fair value of $15,120). (a) Prepare the July 1 entry for Sheffield 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.)