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ABC Company purchased assets of Whitney Inc. at auction for $1,560,000. An independent appraisal of the fair value of the assets acquired is listed below:

ABC Company purchased assets of Whitney Inc. at auction for $1,560,000. An independent appraisal of the fair value of the assets acquired is listed below:

Land

$ 171,600

Building

$ 514,800

Equipment

$ 600,600

Inventories

$ 429,000

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

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