On July 1, 2025, Novak Corporation purchased Young Company by paying $260,300 cash and issuing a $128,000 note payable to Steve Young. At July 1, 2025, the balance sheet of Young Company was as follows. Cash $50,900 Accounts payable $202,500 Accounts receivable 91,500 Stockholders' equity 244,900 Inventory $447,400 108,000 Land 40,000 Buildings (net) 74,800 Equipment (net) 70,500 Trademarks 11,700 $447,400 The recorded amounts all approximate current values except for land (fair value of $62,300), inventory (fair value of $125,100), and trademarks (fair value of $17,520). Prepare the July 1 entry for Novak 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. List all debit entries before credit entries.)