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Sophia Company purchased land and an office building on March 1 for a combined cash price of $1,600,000. The land had a cost of $940,000 and the building had a book value of $200,000 on the seller's books. The land and building had fair values of $1,040,000 and $560,000, respectively on March 1.
Sophia made the following entry at acquisition:
Land 940,000
Buildings 1,000,000
Gain on Purchase 140,000
Accumulated Depreciation-Buildings 200,000
Cash 1,600,000
Problem 1: Prepare the correct entry for the acquisition.
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