Question 1 of 2 5.68/15 View Policies Show Attempt History Current Attempt in Progress On July 1, 2020, Concord Corporation purchased Young Company by paying $258,200 cash and issuing a $141,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows Cash $50,600 Accounts receivable Accounts payable Stockholders' equity $207,000 244,600 91,800 Inventory $451.600 Land 109,000 41,700 75,600 70,900 Buildings (net) Equipment (net) Trademarks 12,000 $451,600 The recorded amounts all approximate current values except for land (fair value of $60,500), inventory (fair value of $126,400), and trademarks (fair value of $17,360) Question 1 of 2 > 5.68/1 Account Titles and Explanation Debit Credit Cash 50600 Accounts Receivable 91800 Inventory 109000 Land 41700 Buildings 75600 Equipment 70900 Trademarks 12000 Goodwill Accounts Payable Cash Notes Payable