2. Watson Company purchased assets of Holmes Ltd. at auction for $1,280,000. An independent appraisal of the fair value of the assets acquired is listed below: Land $ 211,500 Building 352,500 Equipment 564,000 Inventories 282,000

Required: Prepare the journal entry to record the purchase of the assets. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the entry for purchase of the assets. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal