On July 1, 2023, Martinez Corporation purchased the net assets of Soorya Company by paying $449,000 cash and issuing a $49,500 note payable to Soorya. At July 1, 2023, the statement of financial position of Soorya was as follows: The recorded amounts all approximate current values except for land (worth $59,400 ), inventory (worth $138,400 ), and trademarks (worthless). The receivables are shown net of an allowance for expected credit losses of $11,000. The amounts for buildings, equipment, and trademarks are shown net of accumulated amortization of $15,000,$31,000, and $53,000, respectively. Date Account Titles and Explanation Debit Credit July 1, 2023