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Spice World Corporation purchased for $180,000 cash the following assets: land with a fair value of $60,000, a building with a fair value of $90,000,

Spice World Corporation purchased for $180,000 cash the following assets: land with a fair value of $60,000, a building with a fair value of $90,000, equipment with a fair value of $35,000 and inventory with a fair value of $15,000.
Prepare the appropriate journal entry for Spice World’s purchase.

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