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Watson Company purchased assets of Holmes Ltd. at auction for $1,260,000. An independent appraisal of the...

Watson Company purchased assets of Holmes Ltd. at auction for $1,260,000. An independent appraisal of the fair value of the assets acquired is listed below:

Land $ 208,500
Building 278,000
Equipment 556,000
Inventories 347,500


Required:
Prepare the journal entry to record the purchase of the assets. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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Expert Solution

ekkarill92 answered 1 year ago
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