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On July 1, 2025, Bridgeport Corporation purchased Young Company by paying $251,800 cash and issuing a $129,000 note payable to Steve Young. At July 1,2025,

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On July 1, 2025, Bridgeport Corporation purchased Young Company by paying $251,800 cash and issuing a $129,000 note payable to Steve Young. At July 1,2025, the balance sheet of Young Company was as follows. The recorded amounts all approximate current values except for land (fair value of $63,300 ), inventory (fair value of $124,500 ), and trademarks (fair value of $14,960 ). Account Titles and Explanation Debit Credit

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