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Prepare the journal entry for the assets

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Reference no: EM132799966

Question - Watson Company purchased assets of Holmes Ltd. at auction for $1,280,000. An independent appraisal of the fair value of the assets acquired below:

Land 226,500

Building 377,500

Equipment 604000

Inventories 302,000

Required - Prepare the journal entry for the assets?

Reference no: EM132799966

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