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On July 1, 2017 Martinez Corporation purchased Carla Vista Company by paying $217,000 cash and issuing a $162,750 note payable to Jay Carla Vista. At July 1, 2017, the balance sheet of Carla Vista Company was as follows. Cash $26,700 $219,500 Accounts payable Stockholders' equity Accounts receivable 91,700 219,400 Inventory 126,100 $438,900 Land 32.100 Buildings (net) 67,700 74,300 Equipment (net) Trademarks 20,300 $438,900 The recorded amounts all approximate current values except for land (fair value of $59,300), inventory (fair value of $128,900), and trademarks (fair value of $24,770). Prepare the July 1 entry for Martinez 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 for the amounts.) Account Titles and Explanation Debit Credit