Exercise 12-12 (Part Level Submission) On July 1, 2020, Ayayai Corporation purchased Young Company by paying $257,800 cash and issuing a $139,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. $51,600 89,700 Accounts payable Stockholders' equity $207,000 238,700 $445,700 106,000 Cash Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks 40,600 75,600 71,000 11,200 $445,700 The recorded amounts all approximate current values except for land (fair value of $64,500), inventory (fair value of $125,100), and trademarks (fair value of $15,120). (a) Prepare the July 1 entry for Ayayai 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