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Prepare the journal entry to record the purchase of asset

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Lamar Corporation purchased the following assets from Anderson Corporation for $1,200,000. An independent appraisal of the fair value of the assets acquired is listed below:

Land................................. $214,500

Building........................ 357,500

Equipment......................572,000

Patent............................286,000

Required:

Problem 1: Prepare the journal entry to record the purchase of the assets.

Reference no: EM132697822

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