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3. Fuller Corporation paid S3,600,000 in a lump sum purchase of land, a building and some equipment. Fuller paid $1,600,000 in cash and the rest

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3. Fuller Corporation paid S3,600,000 in a lump sum purchase of land, a building and some equipment. Fuller paid $1,600,000 in cash and the rest in a six month 8% note payable. The purchase was made on November 1, 2018. An appraisal indicated the following market values at the time of the purchase. Land $1,000,000 Building S2,500,000 Equipment $500,000 Required: Journalize the purchase of these assets on Nov 1, 2018, the accrual of interest on the note payable on Dec 31 and the payment of the note payable on May 1, 2019

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