Bruce Corporation purchased land in fee, paying $610,000. The land was located in a remote area in

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Bruce Corporation purchased land in fee, paying $610,000. The land was located in a remote area in Wyoming. An appraiser estimated the fair market value of the surface rights to be $400,000. The appraiser was not able to make an estimate of the value of the mineral rights.

REQUIRED: Prepare a journal entry to record the purchase.

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