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Prepare the journal entry to record the acquisition

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Question - Yell Company made a lump sum purchase of an office building including the land and some fixtures for cash of $160,000. The tax assessments for the past year reflected the following: Land $22,500, Building $58,500, and Fixtures $9,000. Prepare the journal entry to record the acquisition. Show your work.

Reference no: EM131802156

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