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2. Watson Company purchased assets of Holmes Ltd. at auction for $1,200,000. An independent appraisal of the fair value of the assets acquired is listed

2. Watson Company purchased assets of Holmes Ltd. at auction for $1,200,000. An independent appraisal of the fair value of the assets acquired is listed below: Land $214,500 Building $357,500 Equipment $572,000 Inventory $286000 Required:

Prepare the journal entry to record the purchase of the assets.

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