IMPORTANT: PLEASE MAKE SURE TO SOLVE (b) TOO. THANKS

Current Attempt in Progress On July 1, 2020, Flint Corporation purchased Young Company by paying $257,900 cash and issuing a $138,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,100 Accounts payable Stockholders' equity $208,000 235.800 Accounts receivable 91,600 Inventory 104,000 $443,800 Land Buildings (net) Equipment (net) Trademarks 40,100 74,600 71,500 11,900 $443,800 The recorded amounts all approximate current values except for land (fair value of $63,800), inventory (fair value of $127,500), and trademarks (fair value of $15,760). (a) Prepare the July 1 entry for Flint 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 for the amounts.) Account Titles and Explanation Debit Credit Current Attempt in Progress On July 1, 2020, Flint Corporation purchased Young Company by paying $257,900 cash and issuing a $138,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows. Cash $50,100 Accounts payable Stockholders' equity $208,000 235.800 Accounts receivable 91,600 Inventory 104,000 $443,800 Land Buildings (net) Equipment (net) Trademarks 40,100 74,600 71,500 11,900 $443,800 The recorded amounts all approximate current values except for land (fair value of $63,800), inventory (fair value of $127,500), and trademarks (fair value of $15,760). (a) Prepare the July 1 entry for Flint 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 for the amounts.) Account Titles and Explanation Debit Credit