On July 1, 2020, Cheyenne Corporation purchased Young Company by paying $256,300 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,100 Accounts payable $205,000 Accounts receivable 89,900 Stockholders’ equity 242,900 Inventory 109,000 $447,900 Land 40,200 Buildings (net) 76,000 Equipment (net) 70,900 Trademarks 11,800 $447,900 The recorded amounts all approximate current values except for land (fair value of $63,400), inventory (fair value of $125,600), and trademarks (fair value of $16,000). Collapse question part (a) Partially correct answer. Your answer is partially correct. Try again. Prepare the July 1 entry for Cheyenne 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 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account titleenter an account titleEntry field with correct answer Cash enter a debit amountenter a debit amountEntry field with correct answer 50,100 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Accounts Receivable enter a debit amountenter a debit amountEntry field with correct answer 89,900 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Inventory enter a debit amountenter a debit amountEntry field with correct answer 125,600 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Land enter a debit amountenter a debit amountEntry field with correct answer 63,400 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Buildings enter a debit amountenter a debit amountEntry field with correct answer 76,000 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Equipment enter a debit amountenter a debit amountEntry field with correct answer 70,900 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Trademarks enter a debit amountenter a debit amountEntry field with correct answer 16,000 enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Goodwill enter a debit amountenter a debit amountEntry field with incorrect answer now contains modified data enter a credit amountenter a credit amountEntry field with correct answer enter an account titleenter an account titleEntry field with correct answer Accounts Payable enter a debit amountenter a debit amountEntry field with correct answer enter a credit amountenter a credit amountEntry field with correct answer 205,000 enter an account titleenter an account titleEntry field with correct answer Cash enter a debit amountenter a debit amountEntry field with correct answer enter a credit amountenter a credit amountEntry field with correct answer 256,300 enter an account titleenter an account titleEntry field with correct answer Notes Payable enter a debit amountenter a debit amountEntry field with correct answer enter a credit amountenter a credit amountEntry field with correct answer 100,000
