TR VERSION BACK NEXT Practice Exercise 12-4 (Part Level Submission) On July 1, 2017, Ayayal Corporation purchased Blossom Company by paying $175,000 cash and issuing a $131,250 note payable to Jay Blossom. At July 1, 2017, the balance sheet of Blossom Company was as follows. Accounts payable Stockholders' equity $217,500 200.000 5412.500 Cash Accounts receivable Inventory Land Buildings (net) Equipment (net) Trademarks $22,500 87,500 122,500 27.500 67,500 72,500 17.500 $417,500 The recorded amounts all approximate current values except for land (fair value of $57,500), Inventory (fair value of $127,500), and trademarks (fair value of $19,950). (a) Prepare the July 1 entry for Ayayal 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 tities and enter for the amounts) Account Titles and Explanation Credit Inventory Accounts Receivable Land Buildings Equipment Cash Trademarks Goodwill Cash Accounts Payable Ouncement Prepare the July 1 entry for Ayayal Corporation to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Inventory Accounts Receivable Land Buildings Equipment Cash Trademarks Goodwill Cash Accounts Payable Notes Payable Click if you would like to show Work for this questioni Open