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Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $700,000 cash. The land was appraised

Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $700,000 cash. The land was appraised at $320,000 and the building at $480,000. Required d. Record the purchase in general journal format.

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