View Policies Current Attempt in Progress On July 2, 2020, shetfeld Comoration purchased Young Company by paying $260,500 cash and issuing a $1117,000 note payable to 5teve Young. At July 1. 2020, the balance sheet of Young Company was as followa. The recorded amounts all approximate current values except for land (fail value of 563,200) inventory (fair value of 5125,200) and trademarks (fair value of $16,720 ). (a) Prepare the July 1 entry for Shetfield Corporation to record the purchase. (Credit occount tities are outomatically indented when amount is entered. Do not indent manually if no entry is required, select "No Entry" for the account titles and enter ofor the amounte] Prepare the July 1 entry for Sheffield Corporation to record the purchase. (Credit account titles are outomotically indented whe amount is entered. Do not indent monwally. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts eTextbook and Media Attempts: unlimited (b) The parts of this queston must be completed in order. This part will be available when you completa the partabove