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Wylie Company paid $950,000 cash to buy a group of plant assets. An independent appraiser assigned the following values to the assets acquired: Prepare Wylies

Wylie Company paid $950,000 cash to buy a group of plant assets. An independent appraiser assigned the following values to the assets acquired:

Prepare Wylie’s journal entry to record the acquisition of these assets.

Land$ 600,000
Building250,000
Equipment

150,000

Total$ 1,000,000

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