Question 2 On July 1, 2017, Concord Corporation purchased the net assets of Soorya Company by paying $432,000 cash and issuing a $51,500 note payable to Soorya Company. At July 1, 2017, the statement of financial position of Soorya Company was as follows: Cash $74,400 118,000 Accounts payable Soorya, capital Accounts receivable $319,100 236,000 $555,100 98,500 Total Inventory Land Buildings (net) Equipment (net) Trademarks (net) 51,200 74,400 88,900 49,700 $555,100 Total The recorded amounts all approximate current values except for land (worth $60,200), inventory (worth $138,200), and trademarks (worthless). The receivables are shown net of an allowance for doubtful accounts of $12,000. The amounts for buildings, equipment, and trademarks are shown net of accumulated amortization of $22,000, $31,000, and $47,000, respectively. Prepare the July 1, 2017 entry for Concord Corporation to record the purchase. (Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation Debit Credit July 1, 2017 > >