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Prepare the journal entry for this transaction

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Question - On October 17, Nikle Company purchased a building and a plot of land for $789,800. The building was valued at $442,300 while the land carried a value of $347,500. Nikle paid $61,000 down in cash and signed a notes payable for the balance.

Required - Prepare the journal entry for this transaction. If an amount box does not require an entry, leave it blank.

Reference no: EM132675577

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