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Alesha Energy purchased land in fee for $230,000, The fair market values of the surface and mineral right were determined by a qualified appraise as
Alesha Energy purchased land in fee for $230,000, The fair market values of the surface and mineral right were determined by a qualified appraise as
follows:
Surface rights $110,000
Mineral rights $180,000
$290,000
Prepare a journal entry to record the purchase.
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