On July 1, 2020, Swifty Corporation purchased Young Company by paying $258,600 cash and issuing a $101,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $52,000 Accounts payable $203,000 Accounts receivable 91,900 Stockholders equity 248,100 Inventory 108,000 $451,100 Land 40,700 Buildings (net) 76,400 Equipment (net) 70,200 Trademarks 11,900 $451,100 The recorded amounts all approximate current values except for land (fair value of $64,700), inventory (fair value of $127,800), and trademarks (fair value of $15,280). (a) Prepare the July 1 entry for Swifty 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 0 for the amounts.)