Prepare the July 1 entry for Cheyenne 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.)

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Exercise 12-12 (Part Level Submission) On July 1, 2017, Cheyenne Corporation purchased Young Company by paying $257,000 cash and issuing a $127,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows. Cash $51,400 Accounts payable $204,000 Accounts receivable 91,100 Stockholders' equity 242,100 Inventory 105,000 \"45.100 Land 41,600 Buildings (net) 74,900 Equipment (net) 70,700 Trademarks 11,400 $446, 100 The recorded amounts all approximate current values except for land (fair value of $60,400), inventory (fair value of $126,100), and trademarks (fair value of $16,160). V (a) Prepare the July 1 entry for Cheyenne 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.) Account This and Explanation Dehlt Credit