View Policies Current Attempt in Progress On July 1, 2020, Bridgeport Corporation purchased the net assets of Soorya Company by paying $425,000 cash and issuing a $45,800 note payable to Soorya Company. At July 1, 2020, the statement of financial position of Soorya Company was as follows: Cash $75,300 Accounts payable $314,100 Accounts receivable 116,000 Soorya, capital 238,000 Inventory 98,600 Total $552,100 Land 50,800 Buildings (net) 75,300 Equipment (net) 87,600 Trademarks (net) 48,500 Total $552,100 The recorded amounts all approximate current values except for land (worth $59,400), inventory (worth $135,700), and trademarks (worthless). The receivables are shown net of an allowance for doubtful accounts of $11,000. The amounts for buildings, equipment, and trademarks are shown net of accumulated amortization of $22,000, $31,000, and $54,000, respectively. (a) Prepare the July 1, 2020 entry for Bridgeport Corporation to record the purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation July 1, 2020 Cash Accounts Receivable Inventory Land Buildings Equipment Goodwill Accumulated Impairment Losses - Trademark Cash Notes Payable Accounts Payable Debit 75300 Credit