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Record the entry to recognize the furniture and fixtures

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Question - Drego Ltd. sells vintage furniture and purchased some items in an estate auction: furniture and fixtures for the showroom (market value of $27,000); inventory for sale (market value of $45,000); and supplies (market value of $8,000). Drego paid $65,000 cash for the basket purchase. Record the entry to recognize the furniture and fixtures, inventory, and supplies using the relative fair value approach.

Reference no: EM133182521

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