Prepare the journal entry to record the purchase of assets

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Question - Tony Company purchased assets of Billy Inc. at auction for $1,560,000. An independent appraisal of the fair value of the assets acquired is listed below:

Land $171,600

Building 514,800

Equipment 600,600

Inventories 429,000

Required: Prepare the journal entry to record the purchase of the assets.

Reference no: EM132067203

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