Question 10 of 14 > - / 11 III at View Policies Current Attempt in Progress On July 1, 2017, Riverbed Corporation purchased Cullumber Company by paying $199,000 cash and issuing a $149,250 note payable to Jay Cullumber. At July 1, 2017, the balance sheet of Cullumber Company was as follows. Cash Accounts payable Stockholders' equity $217,500 212,600 $430,100 Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks $23,300 90,100 124,300 28,700 71,700 73.300 18,700 $430,100 The recorded amounts all approximate current values except for land (fair value of $58,500), inventory (fair value of $131,700), and trademarks (fair value of $20,310). (a) Prepare the July 1 entry for Riverbed 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.) Account Titles and Explanation Debit Credit Save for Later Attempts: 0 of 1 used Submit